July 8, 2011

Vietnam's Ho Chi Minh City cuts poultry prices through price stabilisation plan



The Ho Chi Minh City Department of Finance announced on Wednesday that the price of poultry meat sold under the city's price stabilisation programme would drop by VND2,000-6,500 (US$0.10-0.32) a kilogramme.


Companies that participate in the programme will cut the price of industrial-bred chicken from VND90,000 (US$4.37)/kilogramme to VND83,000-85,000 (US$4.03-4.13)/kilogramme.


Meanwhile, the price of duck has also fallen from VND64,000 (US$3.11)/kilogramme to VND62,000 (US$3.01)/kilogramme.


Nguyen Quoc Chien, head of the department's Price Division, attributed the price decline to the price of materials input for poultry breeding, which has been cut by 3-7%.


Under the price stabilisation programme, participating companies have to reduce the price of the price-stabilised goods to 10% lower than market prices when the input cost of those goods falls by 5%.


The department estimates that from now to the end of the year, the supply of poultry will be abundant, as breeders have increased the number of poultry and the price is expected to be stable.


The department is also considering cutting the price of eggs under the price stabilisation programme.


The prices of several kinds of goods, including milk products, foodstuffs, and cosmetics, have been falling since early this month because of the government's macro-economic stabilisation policies, reported the Tuoi Tre (Youth) newspaper.


The depreciation of the US dollar against the Vietnam dong has also caused the prices of several imported goods to fall.

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