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Domestic pork prices expected to start falling by mid June
The price of domestic pork is increasing weekly due to high input costs, but the Ministry of Industry and Trade expects it to start to fall from the middle of this month.
Local prices have surged by VND10,000-VND20,000 per kilo against last week, to an average VND120,000-130,000 for shoulder, VND110,000 for ribs and VND100,000 for loin.
"The price has increased because supply has fallen but demand has not," said Nguyen Thi Thu, a pork trader in Hom Market, Ha Noi.
The wholesale price of pork jumped by VND10,000 per kilo to VND85,000 so traders had no other choice but to pass that hike on to consumers, said Thuy, a trader in Hoa Sen Market, Ha Noi.
Consumers must accept that this was unavoidable because the meat is so popular, Thuy said. Restaurants, on the other hand, were refusing to accept the higher price, so traders were having to cut profit margins in order to retain customers who ordered large quantities of pork.
The price of pork in supermarkets has also gone through the roof.
Tran Thi Thu Hang, director of the Viet Nam Farming and Food Product Joint Stock Company, said the price had gone up because of high animal feed costs, disease, low imports and increased export activities with China.
The Ministry of Agriculture and Rural Development predicted the price of pork would fall from mid-June as supply increased.
Le Ba Lich, Chairman of the Viet Nam Animal Feed Association, said the price of pig feed had reduced to VND10,000 per kilo while the price of pork remained high. This was likely to encourage farmers to rear more pigs.
The Ministry of Industry and Trade affirmed it had no plans to import around 100,000 tonnes of meat, contrary to a recent rumour that had been circulating.
Deputy Minister Nguyen Thanh Bien said that there was no need to import meat as the industry would be able to meet domestic demand this year.
Chung Kim, General Director of the Kim Long Livestock and Processing Ltd Company based in southern Binh Duong Province, said the state should support the recovery of the domestic livestock industry.
Hoang Kim Giao, Head of the Department of Livestock Production, said that domestic demand for pork was expected to reach 3.3 million tonnes this year and the domestic livestock industry could meet that demand.
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