Traders hoard goods for Tet, meat prices increase dramatically

Although it is still more than a month until the Lunar New Year, food prices at markets have increased sharply as farmers compete to "hoard" their goods to sell at high prices during Tet.

Prices increased simultaneously becausekhanrow

A survey of wholesale markets and traditional markets such as Phung Khoang, Dai Tu, Nga Tu So... in Hanoi shows that the prices of most food items have increased by 5,000-30,000 VND/kg depending on the type compared to the end of November.

In fact, at Dai Tu market (Hoang Mai, Hanoi), according to the reporter's records, food prices have been increasing since half a month ago. Currently, lean pork loin is being sold at 110,000 VND/kg, an increase of 10,000 VND/kg, grade 1 pork ribs are priced at 120,000 VND/kg, an increase of 15,000 VND/kg, grade 2 ribs are priced at 105,000 VND/kg, an increase of 5,000 VND/kg. Other types of meat also increased by 10,000 VND/kg, pushing the price of pork butt and shoulder to 90,000 VND/kg, pork belly and ham to 100,000 VND/kg.

Following the trend, the prices of poultry meats also increased quite strongly. Currently, whole industrial chicken meat costs from 70,000-80,000 VND/kg, an increase of 10,000 VND/kg; free-range chicken meat costs 120,000-150,000 VND/kg depending on the type, an increase of about 20,000-30,000 VND... The prices of beef meats have also increased by 20,000 VND/kg, to 280,000-330,000 VND/kg depending on the type.

During this period, the prices of some fruit products have also increased quite sharply. Typically, the price of bananas has increased by 50% compared to the end of November; the price of grapefruit has increased by 10-20%. In addition, other fruit products are also preparing to increase in price in accordance with Tet.

Explaining the issue of the general increase in food prices during this time, Ms. Nguyen Thi Thao, a pork vendor at Phung Khoang market, said that the increase in pork prices this time is due to a shortage of goods, and less meat coming to the market.

“Going to the slaughterhouses to get goods, they said that farmers are hoarding their goods to wait for Tet to sell at high prices, so the supply is not as abundant as before. Meanwhile, the market demand has increased sharply, pushing up the price of pork even though Tet is still more than a month away,” said Ms. Thao.

Mr. Tung, a wholesaler specializing in exporting poultry meat at markets in Hanoi, also said that the high prices are mainly due to scarce supply.

Mr. Tung shared: “Many times, traders accept to pay high prices but still do not have chickens to catch because some farmers have chickens ready to sell but refuse to sell, determined to keep the chickens until near Tet to sell at a higher price. The rest agree to sell at high prices to traders, however, the quantity sold is also very limited.”

In addition to the reason of shortage leading to price increase, traders at the markets also predict that from now until the Lunar New Year, Giap Ngo, prices will continue to increase sharply due to increased consumer demand. In particular, the prices of some fruits such as grapefruit, banana, orange, tangerine... can double, triple, or even 6-7 times higher than normal days.

Many breeders are determined to hoard their goods and wait for Tet to sell them at high prices (photo by Bao Han)

Racing to hoard goods to raise prices during Tet

In fact, at the present time, many farmers who want to sell at high prices and make big profits have "hoarded" their goods waiting for Tet even though the pigs and chickens are ready to be sold.

Mr. Nguyen Van Cong, owner of a pig farm in Vinh Tuong (Vinh Phuc) said that during Tet, although the prices of food items did not double or triple like some other items, the selling prices were still pushed up very high, even increasing by dozens of prices, so most farmers had the mentality of keeping their goods until closer to Tet to sell.

Mr. Cong revealed that at this time last year, he had 20 pigs that could be sold but tried to keep them. By mid-December, when the price of pigs increased by 5,000 VND/kg, he sold them all and earned an additional profit of nearly ten million VND from the difference in selling price.

According to Mr. Cong's calculation, the wholesale price of pigs at the farm is currently 47,000 VND/kg for good quality pigs, and 43,000 VND/kg for fatty pigs. And near Tet, the price only needs to increase by about 5,000 VND/kg more for each pig to earn him nearly half a million VND more profit.

"Therefore, although the herd of 35 pigs is ready to be sold, I am determined to keep them and wait for a higher price," Mr. Cong shared.

Similarly, Ms. Ta Thi Loan in Tan Duong (Vinh Phuc) said that her flock of nearly 500 free-range chickens is one week away from being ready to be sold. Many traders have come to place orders and ask to buy them, but she has not sold them and is determined to keep them until near Tet to sell them at a good price.

Ms. Loan said that in the middle of the 11th lunar month last year, she sold her flock of more than 300 free-range chickens when traders asked to buy them. In the beginning of the 12th lunar month, the price of chickens increased by nearly 20,000 VND/kg, but she had no more chickens to sell. "Those who "saved" chickens until near Tet to sell, the price difference they earned could have been enough to buy enough for a Tet holiday," Ms. Loan said.

Not only breeders, but traders also take advantage of this occasion to stock up on goods waiting for Tet.

Mr. Nguyen Trung Kien (Tan Lap, Dan Phuong, Hanoi) said that he has bought nearly 600 chickens to raise in his garden and asked his parents to take care of them. These chickens will be released for sale in the days before Tet when prices and market demand increase.

According to vietnamnet