Pig prices continue to plummet
Supply increased while the seventh lunar month is the time when consumers often eat vegetarian food, so purchasing power is weak, causing pork prices to drop sharply.
In the North, for three consecutive days, the price of live pigs has continuously decreased by 3,000 - 5,000 VND/kg compared to last week, down to 80,000 - 82,000 VND. In particular, the price of live pigs in Lao Cai, Phu Tho, and Vinh Phuc has decreased to 80,000 VND/kg.
In Yen Bai, Hanoi, Thai Binh, Ha Nam, Hung Yen, and Tuyen Quang provinces, the price of live pigs today fluctuates between 82,000 and 84,000 VND/kg.
In the Central Highlands, the price of live pigs also decreased by VND2,000, down to around VND85,000 - 86,000/kg. In Quang Ngai province, the price of pigs dropped to the lowest level of VND79,000/kg.
In the Southern market, the price of live pigs is also falling sharply. In the pig farming capital of Dong Nai, the price of live pigs today is at 80,000 VND. In some provinces in the West, the price is at 75,000 VND, down 10,000 VND compared to 2 weeks ago.
Farm in Gia Lam (Hanoi). Photo:Thai Anh.
A report from the Department of Agriculture and Rural Development of An Giang province shows that the price of live pigs in this province is currently being sold at 75,000-82,000 VND/kg, down 11,000 VND compared to 2 weeks ago. This is also the sharpest decrease in the past 5 months.
Mr. Nguyen Kim Doan, Vice President of Dong Nai Livestock Association, said that there are three main reasons for the sharp drop in pork prices in recent weeks. Firstly, in the seventh lunar month, traders reduced purchases, people became vegetarians, and meat consumption decreased. Secondly, the return of the Covid-19 epidemic affected purchasing power while supply increased compared to previous months. The third reason is that the amount of Thai pigs imported to Vietnam is increasing, while at the same time, livestock companies with large market shares are growing their herds very quickly.
"With the current purchasing power, the price of live pigs may continue to decrease. In some southern provinces, many places are selling at 75,000-76,000 VND/kg," Mr. Doan said, adding that if prices continue to be high, consumers will gradually get used to using alternative foods. Therefore, prices will be adjusted to suit consumers' budgets in the near future.
According to Hoc Mon Agricultural and Food Wholesale Market Management and Trading Company Limited - the largest pork wholesale market in Ho Chi Minh City, the price of live pigs has now dropped to below 80,000 VND/kg.
Accordingly, the price of grade 1 pork is 97,000 VND/kg, down 6,000 VND; grade 2 is 88,000 VND/kg, down 7,000 VND compared to the previous week.
At retail markets in Ho Chi Minh City, traders have also lowered pork prices by VND5,000 per kilogram. Specifically, the price of pork belly has dropped by another VND5,000 to VND160,000 per kilogram, pork leg has dropped by VND10,000 to VND130,000, and lean pork has dropped from VND120,000 to VND110,000 per kilogram.
