November 17, 2010

Vietnam's meat prices predicted to soar 20% on Lunar New Year

Meat prices, specifically pork, will increase between 15% and 20% against on-year during the upcoming Lunar New Year holiday, or Tet, in cities and provinces of Vietnam, said a Ministry of Agriculture and Rural Development official.

Growing meat demand during the Tet holiday but tightened supply of meat caused by cattle disease will drive up meat prices, said Nguyen Thanh Son, deputy head of the ministry's Department of Animal Husbandry.

Son said that blue-ear disease has killed 500,000 pigs out of a total herd of 27.5 million in the country so far this year.

Domestic meat supply has become weaker after recently consecutive floods in the central region, which caused losses of 739,000 cattle and poultry, the official added.

Domestic companies will likely boost imports of meat to meet domestic demand in the rest months of the year.

Meat prices have stood high at northern provinces, with pork prices ranging from VND40,000 (US$2.05) to VND42,000 (US$2.15) per kilogramme, and chicken prices from VND46,000 (US$2.36) to VND75,000 (US$3.84) per kilogramme.