Pig price accelerates after seven months plunge

Pig prices in the southern province of Dong Nai, one of the largest breeding provinces in Vietnam, has suddenly increased by VND15,000-20,000 a kilogram over ten days back to VND38,000-45,000 for the last couple of days.

Pig breeders have been inspired with price rebound (Photo: SGGP)

Dong Nai Breeding Association yesterday said that the price accelerated because the Chinese market has started importing pork again. In addition, supply from foreign direct investment (FDI) companies has nearly run out as they had sped up consumption for the last past.

Deputy chairman of the association Nguyen Kim Doan said that the price rocket up was due to shortage of pig supply.

Pig inventory had been sold out after seven months of price crisis exhausting small breeding households and they have been unable to start new breeding crop, he added.

The province Department of Industry and Trade said that the province now has 1.6 million pigs, down 500,000 pigs compared to three months ago. Of the total, there are 170,000 finishing pigs weighed 80-110 kilograms each.

At present, nearly 9,000 pigs are sold everyday, 80 percent of that are transported to other provinces.

According to the department, the pig market has been stable, inventory has been sold out and the volume of finishing pigs is equal to market demand. The price rocket is normal because supply and demand has balanced.