March 18, 2020

Vietnam projects 4.22% inflation in 2020 if pork prices are cut

The Vietnam government said the country's inflation is seen at 4.22% in 2020 if the country is able to drop pork prices, reported Reuters.

About 20% of Vietnam's swine herd has been culled due to an African swine fever outbreak in the country, which has resulted in pork prices doubling. Pork consumption makes up three quarters of the country's total meat consumption.

The government said it aims to bring down pork prices to VND 60,000 - VND 65,000 / kg (~US$2.58 - US$2.80; VND 10,000 = US$0.43) by end March 2020 from its current VND 80,000 - VND 85,000 / kg (~US$3.44 - US$3.66).

The government has been importing pork in a bid to cut pork prices.

Vietnam's initial inflation target for 2020 was below 4%.

-      Reuters