Vietnam’s pork prices have been on the rise over the recent months due to the limited supply. The country’s current pork prices are among the highest in the world.

Vietnam’s pork prices have been on the rise over the recent months due to the limited supply

At present, in many northern localities, one kilo of live pig is sold at VND55,000 (USD2.48), a record high over recent years, double 2017.   

Nguyen Thi Mai, a resident from Phuc Tho District, Hanoi, said that her family just sold 60 pigs at the price of VND54,000 per kilo live weight, bringing a profit of nearly VND2 million per pig.

She added that her family sold four litters of piglets over the past month and started raising the new litter.

Many farmers in the northern provinces of Hai Duong, Vinh Phuc and Ha Nam have sold their pigs in the context of increasing prices.

The higher prices of live pigs has meant pork sold in Hanoi’s markets has become more expensive.

Pham Thi Phuong, a pork trader in Ha Dong District, Hanoi, said that pork sales are often slow during summer. However, this year, it is different while pork prices are quite high.

Nguyen Xuan Duong, head of the Ministry of Agriculture and Rural Development’s Department for Livestock Production, said that it was quite rare to see such high pork prices as seen this year.

He explained that last year, the price of live pigs was on the decrease, down to VND30,000 (USD1.30) per kilo, the lowest for the last 10 years, down from the previous VND40,000 (USD1.70) following China’s halt to importing Vietnamese pigs. Following this move, many people abandoned pig breeding which led to the limited supply.

Duong said that Vietnam’s current pork prices of VND48,0000-50,000 per kilo were the highest in the world.

According to Duong, pig breeders should not store pigs to push pork prices up. This would also result in the flooding of illegally-imported pork into Vietnam.

When pork prices continue to rise, people are likely to rush to breed pork, which would create oversupply as seen in 2017.

Dtinews/Vietnamnet