July 15, 2024

Northern Vietnam sees surge in live swine prices amid livestock restocking efforts

The northern provinces of Thai Binh and Nam Dinh, Vietnam, have recorded the highest prices of live pigs in the country, nearly VND 70,000 (US$2.75) per kg, marking a 15% increase compared to the beginning of the year, The Investor reported.

Traders were paying VND 60,000 (US$2.36) per kg at the start of this year. According to Vietnam's Ministry of Industry and Trade, live swine prices are expected to remain at current levels until the end of 2024. This is due to small livestock farmers just beginning to restock after the African swine fever outbreak in 2023.

Nguyen Tri Cong, chairman of the Dong Nai Livestock Association, stated that a preliminary survey of small livestock farmers and large businesses revealed that they had reduced their herds by 30-40%, and in some areas by up to 70%. This reduction is attributed to falling prices in 2023, which severely impacted farmers, leaving them unable to invest in new livestock.

In the first five months of 2024, Vietnam exported nearly 9,740 tonnes of meat and meat products worth US$41.3 million. This represents a 40.4% increase in volume and a 25.1% increase in value compared to the same period in 2023, according to the Ministry of Industry and Trade.

Vietnam's meat and meat products are mainly exported to markets including Hong Kong, Belgium, Laos, mainland China, Malaysia, France, Canada, and the US. Notably, exports to the Hong Kong market accounted for 33.8% of the country's total meat exports in May, with 854 tonnes worth $5.47 million, reflecting a year-on-year increase of 23.4% in volume and 39.8% in value.

In the first five months of 2024, Vietnam exported 4,310 tonnes of meat and meat products to the Hong Kong market, worth US$25.34 million. This marks a 37.5% increase in volume and a 28.2% increase in value compared to the same period in 2023. The exports primarily consisted of frozen whole suckling pigs and pork.

In 2023, Vietnam exported 22,450 tonnes of meat and meat products worth US$110.35 million, representing a 19% increase in volume and a 30.4% increase in value compared to 2022.

-      The Investor