Chinese demand drives up Vietnam's pig prices

The strong demand in China for pigs, due to its year-long struggle against African swine fever, has caused local pig prices to surge over the past week. However, the local market is also facing a pig undersupply.

Chinese demand drives up Vietnam's pig prices

Traders buy pigs from a local farming household

Huynh Van Chinh, from a pig farming household in Cai Lay District, Tien Giang Province, said that he had received a deposit from a pig trader, of VND4.1 million per quintal, last Saturday (October 5).

When the trader on October 7 arrived to pick up the pigs under the agreed price, pig prices on the local market soared to as much as VND5.1-VND5.2 million per quintal.

Thus, the farmer suffered a loss of some VND9 million for pigs weighing a total of nine quintals on the deal, he added.

Apart from the Mekong Delta localities, pig prices in the southeast provinces also rose significantly as traders are purchasing pigs at VND5.1-VND5.3 million per quintal, depending on the quality of the pigs.

Nguyen Tri Cong, chairman of the Dong Nai Livestock Association, told the paper that local pig prices have skyrocketed due to the undersupply, coupled with the heavy purchase activity of China.

Many farmers in Dong Nai did not have enough pigs for sale as they had sold thousands of pigs earlier out of fear that the swine disease would spread.

 

Dao Huu Thuan, a farmer in the province’s Thong Nhat District, said that live-pig prices have soared to VND56,000 per kilogram over the past two days. He currently has only 40 sows, with no marketable pigs left, and does not dare breed new pigs due to the spread of the disease.

According to Nguyen Kim Doan, vice chairman of the association, the swine disease hit the sow herd first, followed by the marketable hog herd. The large reduction in the number of sows has made it hard to breed new pigs.

Data from the provincial Department of Agriculture and Rural Development showed that the pig herd in Dong Nai had reduced from 2.5 million pigs to 1.5 million a fortnight ago, and it will likely continue to drop in the coming days, he said.

The swine disease has decimated Chinese pig herds by as much as 40%, driving its pig prices to record high levels. As a result, the world’s most populous nation has had to ramp up meat imports, leading to wild fluctuations in pork prices in many countries, including Vietnam.

The Agro Processing and Market Development Authority, under the Ministry of Agriculture and Rural Development, forecast that local pork prices may remain on the upswing for the rest of the year, particularly during the Tet Holiday, amid high demand and the undersupply of pigs. SGT
 
Trung Chanh - Vu Yen

Vietnam, top 5 in pig husbandry, imports pork in large quantity

Vietnam, top 5 in pig husbandry, imports pork in large quantity

The amount of pork Vietnam imported in the first seven months of the year increased by 3.4 times in quantity, while the value rose by 4.3 times compared with the same period last year.

Vietnam’s pork shortage predicted to surge to US$1.3 billion by early next year

Vietnam’s pork shortage predicted to surge to US$1.3 billion by early next year

The pork shortage is adding pressure to the Vietnamese government’s efforts to keep inflation below 4% this year.

 
 

Other News

.
Coronavirus may lower Vietnam’s State budget by VND42.3 trillion: ministry
Coronavirus may lower Vietnam’s State budget by VND42.3 trillion: ministry
BUSINESSicon  19/02/2020 

The State budget may face a shortfall of some VND42.3 trillion (US$1.8 billion) this year due to the ongoing spread of the novel coronavirus, or Covid-19, according to the Ministry of Planning and Investment.

Le Hoang Diep Thao no longer Trung Nguyen shareholder
Le Hoang Diep Thao no longer Trung Nguyen shareholder
BUSINESSicon  19/02/2020 

Dang Le Nguyen Vu, founding chairman and general director of Vietnamese coffee giant Trung Nguyen Group, has bought all the group shares held by his ex-wife, Le Hoang Diep Thao, so she is no longer a shareholder of the group.

How will exchange rate and interest rate be affected amid Covid-19 outbreak?
How will exchange rate and interest rate be affected amid Covid-19 outbreak?
BUSINESSicon  19/02/2020 

SSI Research says the financial market in 2020 will be unpredictable and much less active than the forecasts released at the end of 2019.

Ride-hailing cars must display taxi signs
Ride-hailing cars must display taxi signs
BUSINESSicon  19/02/2020 

All cars providing passenger transportation services via ride-hailing applications will be treated like taxis from the beginning of April, when the pilot project for tech-based cars ends.

Clearer legal framework on certifying condotel and officetel projects
Clearer legal framework on certifying condotel and officetel projects
BUSINESSicon  19/02/2020 

The MoNRE has just issued a document to guide land-use regimes and ownership certification of non-residential construction, including condotel and officetel.

Hanoi hands out red books to foreigners
Hanoi hands out red books to foreigners
BUSINESSicon  18/02/2020 

Six foreign organisations and 35 foreigners were granted red books to purchase a number of apartments in Hanoi.

HSBC signals mass job cuts as profits plunge
HSBC signals mass job cuts as profits plunge
BUSINESSicon  18/02/2020 

Interim chief executive Noel Quinn reveals extensive job cuts and restructuring to shake up the bank.

Coronavirus triggers boom in private jet inquiries
Coronavirus triggers boom in private jet inquiries
BUSINESSicon  18/02/2020 

Private jet firms have seen a huge rise in people hoping to hire planes but they can't meet demand.

Groundwork laid for high-flying aviation
Groundwork laid for high-flying aviation
BUSINESSicon  18/02/2020 

With a number of notable changes taking effect this year, Vietnam is expected to see a big step in the development of its civil aviation industry.

Inclusive policies amid digital transformation
Inclusive policies amid digital transformation
BUSINESSicon  18/02/2020 

Amid the Fourth Industrial Revolution, Vietnam is boosting efforts and policy reforms to build up a digital economy. 

EVFTA helps advance domestic agriculture
EVFTA helps advance domestic agriculture
BUSINESSicon  19/02/2020 

Despite also including barriers and regulations, the EU-Vietnam Free Trade Agreement will benefit Vietnamese agriculture, with businesses supporting farmers to cash in on new opportunities from the deal.

Doors open for free trade with the EU
Doors open for free trade with the EU
BUSINESSicon  19/02/2020 

The adoption of trade and investment agreements with the European Union offers Vietnam opportunities to attract more investment and increase its exports to EU member states, making the country less dependent on traditional markets. 

Global epidemic a blow to regional supply chains
Global epidemic a blow to regional supply chains
BUSINESSicon  18/02/2020 

The recent coronavirus outbreak has affected economies throughout the world, disrupting supply chains in the region, including in Vietnam.

Tiki-Sendo speculation piques sector interest
Tiki-Sendo speculation piques sector interest
BUSINESSicon  18/02/2020 

An expected co-operation deal between Tiki and Sendo has surprised the merger and acquisition arena in Vietnam, coming hot off the heels of the announced partnership between Vingroup and Masan late last year. 

Material autonomy key for Vietnam to fully exploiting EVFTA
Material autonomy key for Vietnam to fully exploiting EVFTA
BUSINESSicon  18/02/2020 

Textile stocks have been on an temporary upswing thanks to the recent ratification of the EVFTA but textile enterprises still face difficulties due to heavy dependence on imported raw materials and reduced demand worldwide.

COVID-19 highlights need for economic restructuring
COVID-19 highlights need for economic restructuring
BUSINESSicon  18/02/2020 

The respiratory epidemic caused by the novel coronavirus (COVID-19) has highlighted an urgent need for Vietnam to boost its economic restructuring and diversify its markets.

Vietnam’s logistics wins in US-China trade war
Vietnam’s logistics wins in US-China trade war
BUSINESSicon  18/02/2020 

Falling one place to 11th in the global index of emerging logistics markets, Viet Nam was still seen as a clear winner in the US-China trade war.

BUSINESS NEWS HEADLINES FEB. 19
BUSINESS NEWS HEADLINES FEB. 19
BUSINESSicon  19/02/2020 

Pharmaceuticals, milk, and livestock in for stiffer competition with EVFTA

BUSINESS NEWS HEADLINES FEB.18
BUSINESS NEWS HEADLINES FEB.18
BUSINESSicon  18/02/2020 

Vietnam’s tourism sector counts cost of coronavirus

76 percent of German companies concerned about conoravirus impacts
76 percent of German companies concerned about conoravirus impacts
BUSINESSicon  18/02/2020 

Around 76 percent of German companies confirmed that the coronavirus epidemic affected their activities in Vietnam, according to a flash survey conducted by GIZ/AHK Vietnam.

 
 
 
Leave your comment on an article

OR QUICK LOGIN