The price of animal feed increased rapidly in Vietnam, farmers cut losses and abandoned the herd

In May, Vietnam imported over 1 million tons of corn, valued at $296.5 million, marking a 45% increase in volume and 47% increase in value compared to April. From the beginning of the year, the country's corn imports reached nearly 4.4 million tons, valued at over $1.1 billion, a 39% increase in volume and 73% increase in value year-over-year. Argentina, Brazil, and India were the primary suppliers of corn. The average price of imported corn in the first five months of the year was $264/ton, a 23% increase over the same period in 2020. Meanwhile, the price of animal feed and raw materials imported in May reached $420 million, bringing the total to $2.1 billion in the first five months of the year, a 44% increase year-over-year. The Department of Livestock Production expects the prices of main feed ingredients to gradually decrease from July. The rising feed prices and falling live pig prices are causing financial difficulties for pig farmers in the North, leading some to release their pigs early to cover costs.