Pork prices in Vietnam have been on a drastic decrease thanks to abundant supply.
On Thursday, a kilo of pig at a cattle and poultry wholesale market in the northern province of Ha Nam was just VND55-67000 (USD239-291); down VND13-25000 per kilo compared to one month earlier.
Pork prices sharply fall due to abundant supply
Nguyen The Chinh, head of the Ha Nam cattle and poultry wholesale market, said that many pig breeding companies have succeeded in increasing livestock, helping to spur supply.
Despite the considerable price decline, pig transactions at the market has remained slow.
In May, pork prices in Vietnam reached a record high of around VND100000 per kilo because of local supply shortages. To help ease the problem, Vietnam decided to import pigs from Thailand and pork from some markets, including Russia.
However, according to some traders, the country would still face the risk of pork price rises again in the coming time as African Swine Fever has not yet been brought under control. Demand for pork would also dramatically grow in the run-up to the Lunar New Year.