Pork prices rise steadily as Tet approaches

Monday, Dec 28, 2020 08:33

Le Xuan Huy, deputy general director of the CP Livestock Joint Stock Company, said imports of pigs and frozen pork are keeping pork prices down. — VNA/VNS Photo

The price of pig on the hoof has been rising since the beginning of this week, increasing by a maximum of VND5,000-8,000 per kilogramme in the north.

Pigs are currently selling for 70,000 - 78,000VND (US$3-3.4) per kilogramme.

Supply is plentiful now, but demand is expected to surge by 25 per cent before Tet (the Lunar New Year), which falls on February 12, experts said.

Le Xuan Huy, deputy general director of the CP Livestock Joint Stock Company, said while prices would definitely increase until Lunar New Year, he did not expect a shock similar to last year.

According to the Ministry of Agriculture and Rural Development, pig stocks have risen back to 85 per cent of the number before the outbreak of African swine fever last year.

Besides, import on the hoof from Thailand has increased sharply as has import of frozen pork in the fourth quarter to keep prices down.

The current price increase is due to a short-term scarcity since some large farms are not selling now to ensure their pigs grow bigger before Tet, according to Huy.

Some farms in the south-eastern region expect live hog prices to increase to VND80,000- 85,000.

Last year, at this time, they had jumped to VND 95,000 - 96,000.

Huy said they were unlikely to breach the VND90,000 mark, pointing out supply was plentiful.

Vu Van Tu, director of the Truong Giang Phat One Member Co Ltd in Dong Nai Province’s Bien Hoa City, attributed the price volatility to lower supply due to the impact of African swine fever and higher demand as businesses step up production of pork-based products for Tet. — VNS

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