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November 11, 2019

 

Vietnam pork prices hit 5-year high

 

 

Pork prices in Vietnam have reached a five-year high of VND71,000 (US$3) per kilogram, VnExpress reported.

 

This is an increase of 18% from a month earlier, according to updated data from the Vietnam Animal Husbandry Association.

 

Nguyen Xuan Duong, acting head of the Department of Livestock Production, said that prices have been rising with the approach of Tet, the Lunar New Year Festival, and it is unclear when the trend will stop.

 

Prices at major pork producers are now up to VND64,000 (US$2.76) per kilogram. Nguyen Dang Phu, deputy director of food company Vissan, said that pork prices at the company have increased six-fold in the past two weeks.

 

The government has ordered ministries, agencies and provinces to attempt to stabilise live pig prices and ensure sufficient pork supplies until the end of this year, with increased imports as an option.

 

Domestic pork supplies, which accounted for 70% of all meat consumed in the country last year, has been falling since African swine fever broke out in February and spread to all localities.

 

Nearly 5.7 million pigs have been culled since, according to the General Statistics Office. As of October, swine inventory had fallen by 20% year-on-year, it said.

 

In the first seven months, Vietnam imported US$22.1 million worth of pork, 4.3 times that of the same period last year, according to the Ministry of Agriculture and Rural Development. Major import markets were Brazil, the United States and Poland.

 

Vietnam is expected to face a half-a-million-tonne pork shortage from July to next February, according to consulting firm Ipsos Consulting.

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