Pork is the cheapest it's been in 10 years: 1 kg of pork is less than 1 kg of potatoes.

As the Lunar New Year (Year of the Rooster) approaches, pig farmers across the country are struggling as pork prices have plummeted to record lows, the lowest in the past 10 years. Live pork is currently only selling for 24,000-27,000 VND/kg, while a kilogram of vegetables or potatoes has risen to 26,000-30,000 VND.

The market hit a 10-year low.

With Tet (Lunar New Year) approaching, Ms. Dam Thu Trang in Viet Tri City (Phu Tho province) is still not in the mood to buy anything for her family to celebrate the holiday because her pigs have been past their market-ready date for half a month now and there are no buyers.

Ms. Trang confided that her herd of 40 pigs was ready for market, and she had invested all her capital into it, hoping to sell them during the Tet holiday when prices would be high and her family could have a prosperous Tet. However, unexpectedly, as Tet approached, pork prices plummeted.

Half a month ago, traders offered 32,000 VND/kg for live pigs ready for slaughter. Feeling bad about the price, she held on, hoping for a slightly higher price to recoup some of her investment, because selling at this price would result in a significant loss for her and her husband. Now, after half a month, the price of live pigs has not only failed to increase but has actually dropped to 27,000 VND/kg.

Pork prices are falling sharply, causing heavy losses for pig farmers.

"My husband and I have 40 pigs, of which 28 are small, weighing about 90kg each. If we just nod, traders will come and buy them at 27,000 VND/kg live weight. But the 12 pigs, each weighing 120kg, have remained unsold for the past week, despite my persistent efforts to persuade traders. Those who do offer only 24,000 VND/kg," she said sadly.

According to Ms. Trang, selling live pigs at 27,000 VND/kg now would result in a loss of over 10,000 VND/kg for her and her husband. However, keeping the pigs would lead to even greater losses.

Similarly, Ms. Nguyen Ngoc Minh in Nam Giang town (Nam Truc district, Nam Dinh province) also felt bitter having to reluctantly sell her herd of over 30 pigs at a price of only 26,000 VND/kg, causing her family heavy losses.

She said that pork prices have plummeted for about a week now. At the end of December, pork prices were still at 32,000-35,000 VND/kg, but now they are only 26,000 VND/kg.

"I've been raising pigs for exactly 10 years now, and I've never seen pork prices drop this low. In previous years, the cheapest pork price was 31,000 VND/kg, or at most 36,000-37,000 VND/kg, and during peak periods, it reached 40,000-47,000 VND/kg," Ms. Minh said, adding that with pork selling for only 26,000 VND/kg, it's only the same price as vegetables at the market.

"Today I went to the market and bought 1kg of mung beans for 25,000 VND/kg, 1kg of Chinese cabbage for 23,000 VND/kg, and 1kg of potatoes for 30,000 VND/kg," Mrs. Minh said sadly.

Reports from several provinces and cities indicate that pork prices are plummeting to their lowest levels in the past 10 years. For example, in Vinh Phuc, the price of live pigs sold at the farm gate is commonly between 27,000 and 32,000 VND/kg; in Quang Tri, pork prices are also at 30,000 VND/kg. Meanwhile, in the southern provinces, the Dong Nai Livestock Association reported that at times, the price of live pigs sold was 27,000 VND/kg, and was even forced down to as low as 25,000 VND/kg. The price of pigs weighing over 150kg has dropped even lower.

Are private traders forcing down prices?

According to Mr. Doan Xuan Truc, General Secretary of the Vietnam Livestock Association, the reason is that supply exceeds demand because livestock farmers have massively increased their herds to prepare pigs for the Lunar New Year market.

In addition, the Chinese market previously imported a large amount of Vietnamese pork, especially during the Lunar New Year season. However, China has now stopped importing Vietnamese pork through unofficial channels, causing a bottleneck in sales and a sharp drop in prices.

In contrast to the sharp drop in pork prices at farms, prices at markets remain stable and are showing signs of increasing due to the upcoming Tet holiday.

Mr. Nguyen Xuan Duong, Deputy Director of the Department of Animal Husbandry (Ministry of Agriculture and Rural Development), said that the Ministry of Agriculture and Rural Development has sent official letters to provinces, requesting them to strengthen market information for livestock farmers, create favorable conditions for the convenient circulation of pig transport vehicles, and avoid "blocking trade." The Ministry also called on businesses producing animal feed, veterinary products, etc., to reduce costs and share the burden with farmers. Provinces have requested farmers not to increase their herds and to maintain a moderate scale.

Regarding the issue of falling pork prices, Mr. Duong noted that strangely, while the price of live pigs leaving the farm is falling sharply, the price of pork sold in markets has not decreased at all.

In fact, a survey conducted by reporters at several markets in Hanoi, such as Dai Tu, Nghia Tan, and Kim Giang markets, shows that pork prices have remained relatively stable in recent days. For example, lean pork loin costs 100,000 VND/kg, pork ribs cost 110,000 VND/kg, and other cuts like pork leg, belly, rump, and shoulder are all priced at 85,000-90,000 VND/kg.

Notably, most small traders at the markets today said that in about a week, the price of pork in the markets will be adjusted upwards by 5,000-20,000 VND/kg depending on the type, due to the increased demand from families buying pork to cook and store during the Tet holiday.

Explaining this paradox, Mr. Duong and several industry experts believe that the sharp drop in pork prices on the market is due to traders manipulating prices.

"Traders are taking advantage of the surplus pork supply and exploiting the weakness of pigs that cannot be exported to China, especially oversized pigs, to aggressively drive down prices, forcing farmers to sell at low prices and incur losses. As a result, traders easily pocket the difference," a leading expert in the livestock industry shared.

According to Vietnamnet