Pork price must be stabilised: Trade Ministry

The Ministry of Industry and Trade (MoIT) has said pork must be eligible for price stabilisation due to the high demand for this essential good on the domestic market.

Pork price must be stabilised: MoIT hinh anh 1

Despite efforts of market management forces and recent large volume of imports, pork prices have continued to increase in recent times despite 15 livestock enterprises pledging to keep prices under 70,000 VND (3 USD) per kilo.

On April 16, live hog prices at farms increased by 2,000-7,000 per kilo to 88,000-92,000 VND in the north.

Especially, Thai Binh province had the highest price of live hogs in the country at 92,000 VND per kilo, 4,000 VND higher than the previous day.

Live hog prices on April 16 surged by 7,000-12,000 VND per kilo to 78,000-88,000 VND in the central region and Central Highlands

Meanwhile, it reached 76,000-87,000 VND per kilo in the south, up 1,000-4,000 VND per kilo compared to the previous day.

The price rose by 2,000 VND per kilo to 91,000 VND in Hanoi and 1,000 VND to 80,000 VND in HCM City, according to vietnambiz.vn.

At present, the price of pork in traditional markets in Hanoi is fluctuating between 150,000-180,000 VND per kilo depending on the cut, an increase of about 11,000 VND per kilo against last week.

According to the Ministry of Industry and Trade, pork is traded in line with market mechanisms. The pork price changes depending on supply and demand, with a supply shortage leading to price increase. Therefore, to stabilise the pork price, the long-term solution is to increase pork supply to meet domestic demand.

To have enough pork supply, Vietnam needs a sustainable domestic industry and to increase pork imports, the ministry said.

The ministry has monitored the domestic pork market, including supply, demand and prices of pork products to propose solutions to stabilise the market.

It has also directed market surveillance forces to enhance control of the pork market to prevent the trading of products with unclear origin.

The ministry has also requested enterprises that have joined the market stabilisation programme to set up plans to stabilise the price.

 

Meanwhile, the MoIT asked Vietnamese trade offices abroad to seek market information and connect foreign partners to local pork import enterprises.

The ministry also worked with the Ministry of Agriculture and Rural Development (MARD) to diversify resources of imported pork.

The MARD said the high pork price was due to a lack of supply, the high cost of pig rearing due to using bio-safety measures and intermediaries who boost the price.

Nguyen Van Trong, Deputy Director of the MARD’s Department of Livestock Production, said controlling the intermediaries is very difficult as the market lacks production and trading chains.

The MARD has recommended husbandry businesses, especially large firms, build production chains. Those chains would help enterprises and State agencies easily control pork prices.

It has co-operated with relevant ministries and sectors to reduce intermediaries from production to consumption and increase pork imports to meet domestic demand.

The ministry has also suggested local consumers increase their consumption of other kinds of food, he said.

According to the General Statistics Office, in the first quarter of this year, live hog output reached 811,000 tonnes, down 19.3 per cent year-on-year.

The output is expected to surge to 950,000 in the second quarter, one million tonnes in the third quarter and 1.1 million tonnes in the fourth quarter. Thus, by the third quarter, the domestic supply of pork would meet about 90 per cent of pork demand.

Meanwhile, according to the Ministry of Industry and Trade, in the first quarter, Vietnam imported nearly 25,300 tonnes of pork, up 205 per cent year-on-year. VNA

Vietnam imports pork in large quantities

Vietnam imports pork in large quantities

The Ministry of Agriculture and Rural Development (MARD) has done what it promised – imported pork in large quantities from the US, Canada, Brazil and Russia to stabilize the pork market.

Vietnam imports 66,000 tonnes of meat in two months

Vietnam imports 66,000 tonnes of meat in two months

Vietnam imported nearly 66,000 tonnes of meat in the first two months of this year, according to the Ministry of Agriculture and Rural Development.  

 
 

Other News

.
Japan’s investment in Vietnam soars 90%
Japan’s investment in Vietnam soars 90%
BUSINESSicon  24/11/2021 

Japanese investors poured approximately US$3.4 billion into Vietnam from January to October 2021, soaring 90% compared with the same period last year.

42 wind power projects permitted to operate commercially
42 wind power projects permitted to operate commercially
BUSINESSicon  24/11/2021 

A total of 42 wind power plants featuring a total capacity of 2,131.3MW have been approved for commercial operation as of mid-November, according to data released by Electricity of Vietnam (EVN).

Vietnam-Malaysia-India container shipping route to be inaugurated
Vietnam-Malaysia-India container shipping route to be inaugurated
BUSINESSicon  24/11/2021 

The Vietnam Maritime Corporation (VIMC) announced on November 23 that it will inaugurate a container shipping route linking Vietnam, Malaysia and India on November 25.

Tax rescheduling proposed to support local automobile industry
Tax rescheduling proposed to support local automobile industry
BUSINESSicon  24/11/2021 

The Ministry of Finance (MoF) has proposed rescheduling excise tax payments for local automobile manufactures and assemblers.

HoSE to develop other covered warrant products
HoSE to develop other covered warrant products
BUSINESSicon  24/11/2021 

The Ho Chi Minh Stock Exchange (HoSE) plans to develop products like covered warrants bought based on underlying assets including indices/ETF and put warrant, to further improve covered warrant products on the Vietnamese stock market.

Policy choices for Government to design economic master programme
Policy choices for Government to design economic master programme
BUSINESSicon  24/11/2021 

Vietnam’s Government is planning a master programme to gear up for a post-pandemic recovery, which this time requires sophisticated organisation and effective implementation to ensure long-term efficiency.

FTAs momentum for Vietnam's exports
FTAs momentum for Vietnam's exports
BUSINESSicon  24/11/2021 

Since joining the World Trade Organisation 15 years ago, Viet Nam has become a part of 17 FTAs, which are either under negotiation or underway. This has helped create a momentum for the country's exports.

Textile - garment industry may flourish in 2022: insiders
Textile - garment industry may flourish in 2022: insiders
BUSINESSicon  24/11/2021 

The textile - garment industry is expected to thrive and earn 40 billion USD in exports next year, when the COVID-19 pandemic is forecast to ease in Vietnam and the world.

VIETNAM BUSINESS NEWS NOVEMBER 23
VIETNAM BUSINESS NEWS NOVEMBER 23
BUSINESSicon  23/11/2021 

Demand for industrial, logistics estates at core of enquiries next year: Savills

Enterprises of agricultural export to China strive to adapt to new market regulations after COVID-19 impacts
Enterprises of agricultural export to China strive to adapt to new market regulations after COVID-19 impacts
BUSINESSicon  23/11/2021 

China's increasing demand for imports of high-quality agricultural products has contributed to boosting the recovery of domestic production and export after the COVID-19 pandemic impacts.

Vietnam - US trade likely to reach 100 billion USD this year
Vietnam - US trade likely to reach 100 billion USD this year
BUSINESSicon  23/11/2021 

Vietnam–US trade could hit 100 billion USD in this year, up 221 times against the figure in 1995 when the two countries normalised relations.

Special working groups set up to speed up public disbursement
Special working groups set up to speed up public disbursement
BUSINESSicon  23/11/2021 

Prime Minister Pham Minh Chinh has decided to establish six working groups to accelerate the disbursement of public investment capital in 2021 at ministries, agencies and localities.

Vietnamese investors pour money into realty bonds despite China’s Evergrande case
Vietnamese investors pour money into realty bonds despite China’s Evergrande case
FEATUREicon  24/11/2021 

Realty bonds often catch special attention in the primary market thanks to attractive interest rates, even though warnings are often issued about their risks.

Vietnam Airlines to fly non-stop to US
Vietnam Airlines to fly non-stop to US
FEATUREicon  24/11/2021 

The first commercial flight from HCM City to the West Coast of the US is scheduled to take off on November 28, 2021. Vietnam Airlines’ CEO Le Hong Ha talks about the opening of the special air route.

Enterprises of agricultural export to China strive to adapt to new market regulations after COVID-19 impacts
Enterprises of agricultural export to China strive to adapt to new market regulations after COVID-19 impacts
BUSINESSicon  23/11/2021 

China's increasing demand for imports of high-quality agricultural products has contributed to boosting the recovery of domestic production and export after the COVID-19 pandemic impacts.

Petrol, animal feed, fertilizer prices cause higher production costs
Petrol, animal feed, fertilizer prices cause higher production costs
FEATUREicon  23/11/2021 

The increase in price of fuels and input materials of many products has occurred in 2021. Notably, the price fever of many commodities has not shown any signs of "cooling down".

Vietnam eyes 4 GW offshore wind power capacity by 2030
Vietnam eyes 4 GW offshore wind power capacity by 2030
BUSINESSicon  23/11/2021 

Vietnam will increase offshore wind power capacity to 4 GW from 1 GW and onshore wind power capacity to nearly 17.34 GW from about 1.26 GW by 2030, according to the latest draft of the National Power Development Plan VIII.

Use of Fintech services rises 3.5 times in 4 years in Vietnam
Use of Fintech services rises 3.5 times in 4 years in Vietnam
BUSINESSicon  23/11/2021 

In only four years, the rate of Vietnamese using services of Fintech companies has increased from 16% to 56%. 

Garment and textile exports likely to reach US$38 billion this year
Garment and textile exports likely to reach US$38 billion this year
BUSINESSicon  23/11/2021 

With export turnover surging by 11% to reach approximately US$32 billion during the past 10 months of the year, the local garment and textile industry is anticipated to rake in roughly US$38 billion this year.

Banks await more foreign strategic investors
Banks await more foreign strategic investors
BUSINESSicon  22/11/2021 

Several banks are currently issuing dividend paying shares as well as making strong efforts in finding more foreign strategic investors to increase capital. 

 
 
 
Leave your comment on an article

OR QUICK LOGIN