Supply shortage sends pig prices skyrocketing in northern Vietnam

10:40 | 14/10/2019 Economy- Society

The prices of live pigs in northern Vietnam have soared to nearly VND70,000 (about US$3) per kilogram due to a supply shortage resulting from African swine fever, the Voice of Vietnam reported, citing several sources.

Pig prices are expected to increase even further due to a supply shortage

Hog prices were only VND46,000-48,000 per kilogram at the end of September but surged to VND63,000-64,000 on October 10, meaning an increase of VND16,000-17,000 in just ten days.

In Cao Bang province, many pig farmers even reported selling prices of up to VND68,000 per kilogram.

Several provinces in the central region such as Nghe An, Ha Tinh and Thanh Hoa also saw hog prices go up to VND58,000 per kilogram, the highest since 2016.

Pig prices are expected to increase even further as supply at industrial farms is falling while supply from small farmers is also nearly depleted and farmers have not ventured to rebuild their herds.

Soaring live hog prices have also resulted in escalating pork prices, hovering between VND110,000 and VND130,000 per kilogram at markets in Hanoi, depending on the cuts.

Young pork ribs even shot up to VND150,000-160,000 per kilogram.

As the supply shortage weighs on pork prices, the Ministry of Agriculture and Rural Development has recently affirmed that measures will be taken to stabilise the market.

The ministry leaders said they will continue to consider importing pork, rebuild the herds in areas declared free from African swine fever and make up for the pork shortage with other kinds of meat such as chicken, beef and seafood.

Nearly 6 million pigs have been culled since the first outbreak of African swine fever in Vietnam, while pork accounts for up to 70% of the sources of protein in the diet of Vietnamese consumers.

Theo NDO