Pork prices continue to rise; Pet food market grows more than 10 times

PricePigs continue to increase

The price of live pigs is fluctuating between 55,000 - 61,000 VND/kg. It is worth noting that in just the past 5 days, the price of live pigs has increased by 10,000 VND/kg.

Since the beginning of May, domestic pig prices have recovered strongly across the board. In many provinces and cities, the price of pigs has reached 61,000 VND/kg, up 20% compared to the average price in February this year. This is the highest increase since the beginning of the year.

Pig prices are fluctuating from 55,000 - 61,000/kg.

It is forecasted that the domestic pig market will continue to increase in price. The reason is that the consumption market is increasing while the supply is no longer abundant.

However, according to experts from the Vietnam Commodity Exchange, whether the price of live pigs will increase sharply in the coming time or not depends largely on domestic consumer demand. Currently, the domestic pork consumption market is still quite gloomy.

According to experts, with the current price, companies and businesses raising livestock in closed chains, maximizing input costs, have begun to make profits.

According to data from the Ministry of Agriculture and Rural Development, pork output in the second quarter of this year is expected to be over 1.1 million tons.

Southeast Asia's pet food market grows more than 10 times

The export value of pet food to the Southeast Asian market increased from 4 million USD in 2018 to 41 million USD in 2022.

The information was released at the first ASEAN K-Pet Food Exhibition organized by the Ministry of Agriculture, Food and Rural Affairs of Korea in collaboration with the state-owned Korea Agro-Fisheries and Food Products Distribution Corporation (aT) recently in Hanoi.

According to Pet Fair Asia's report, after the Covid-19 pandemic, the export value of pet food to the Southeast Asian market increased from 4 million USD in 2018 to 41 million USD in 2022, a strong growth rate of up to 855%.

The first ASEAN K-Pet Food Exhibition was held in Vietnam.

In the B2B export consulting conference at this exhibition, about 100 units from all over Southeast Asia including Vietnam participated, including 31 import-export units, suppliers, large pet store chains...

The consultations resulted in a contract worth 28 million USD and a Memorandum of Understanding worth 23 million USD was also signed.

K-Pet Food has also continuously held interesting and useful seminars revolving around topics about pet food market trends in Southeast Asia, and at the same time, a consulting team of experts was also established to answer questions about the import and export field for attendees.

Domestic coffee price highest at over 61,000 VND/kg

Coffee prices today, May 30, are stable compared to yesterday. Currently, domestic coffee prices fluctuate from 60,500 - 61,100 VND/kg.

Specifically, the price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at a price of 60,400 - 60,500 VND/kg.

Coffee prices in Gia Lai and Kon Tum provinces stood at 60,800 VND/kg.

In Dak Nong province, coffee is purchased at a high price of 61,100 VND/kg.

Today's coffee price in Dak Lak province in Cu M'gar district is currently at 61,000 VND/kg. In Ea H'leo district, Buon Ho town, the price is also 61,100 VND/kg.

It can be seen that domestic coffee prices are still very stable at around 60,000 VND/kg. Compared to the same period last year, the purchase price has skyrocketed by 48% due to the continuous decline in domestic supply. Exports in the 2023/24 crop year are forecast to fall to the lowest level in the last 3 crop years, combined with high production costs, Vietnamese coffee prices are likely to continue to remain in the high price range.

According to experts, domestic coffee prices will end their record-breaking rise after “spiking up”. In addition, inflation in many major countries around the world is tending to increase faster than expected, which will be a factor “dragging” commodity trading.

However, in the short term, due to supply shortage, domestic Robusta coffee prices will still maintain high prices.

Continuing to decrease, SJC gold is now at 67 million VND

Gold price today (May 30), domestic gold price continues to decrease, in which JSC gold price is currently at 67.00 million VND/tael (selling). Meanwhile, world gold price decreased, currently at 1944 USD.

At the time of survey at 5:00 a.m. on May 30, on the trading floor of Saigon Jewelry Company SJC, SJC gold was 66.40 million VND/tael for buying and 67.00 million VND/tael for selling.

At Phu Quy Jewelry Company, at the time of survey, the listed price of SJC gold was at 66.45 - 67.05 million VND/tael (buy - sell).

Domestic gold prices continue to fall. Photo: Viet Phuong

DOJI listed the price of 9999 gold at 66.35 million VND/tael for buying and 67.5 million VND/tael for selling.

Vietinbank Gold price is listed at 66.40 million VND/tael for buying and 67.02 million VND/tael for selling.

The price of SJC gold at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 66.47 - 67.00 million VND/tael (buy - sell). The price of 24K Rong Thang Long gold of Bao Tin Minh Chau is listed at 55.66 - 56.56 million VND/tael in two directions.