Vietnam: Decreased demand for pigs drags prices down

Published 2021년 4월 3일

Tridge summary

Vietnam has seen a decrease in live hog prices in March 2021 due to reduced pork demand, with prices fluctuating between 71,000 and 77,000 VND / kg. Despite this, retail prices for pork products remain high, with VinMart stores and other retailers selling pork belly and ribs at significantly higher prices. In the first two months of 2021, Vietnam imported over 18,000 tons of pork, primarily from Russia, and exported around 1,270 tons of meat products. The Ministry of Agriculture and Rural Development is targeting a 5-6% increase in the value of the livestock industry in 2021, with a production target of about 5.7 million tons of meat, which includes a projected increase in pork production by 6.1% compared to 2020. The government also has a plan in place for the restructuring of the agricultural sector, including strategies for pig breeding and herd management, with a goal to increase the output of carcasses to 5-5.5 million tons by 2025.

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Original content

The Import-Export Department (Ministry of Industry and Trade) said that in March 2021, live hog prices tended to decrease in many provinces across the country due to the decrease in pork demand. Currently, the price of live pigs fluctuates between 71,000 and 77,000 VND / kg, a decrease of 1,000-3,000 VND / kg compared to the end of February 2021. According to the General Statistics Office, as of the end of March 2021, the total number of pigs increased by 11.6%; total output of live-weight pork produced was 1,018.8 thousand tons, up 7.5%. New adjustments have not appeared at VinMart stores and some retail food companies in recent days. Currently, the selling price ranges from 143,900 to 264,900 VND / kg at VinMart. Specifically, pork belly and pork ribs are priced at 197,900 VND / kg and 264,900 VND / kg respectively. At Ha Hien Fresh Food Company, prices recorded at a stable level and ranged from 50,000 to 155,000 VND / kg, in which, lean thigh meat and bacon are currently ...

Source: Industry and Consumption Newspaper