On March 7, pig prices in the northern region decreased by VND1,000 to around VND49,000 (USD2.07) per kilo. The prices in the central and Central Highlands regions declined by VND1,000-3,000 to VND47,000-50,000 per kilo.
Pig prices in Vietnam have witnessed their sharpest fall for two years due to low demand
In the southern region, pig prices have also been on the fall to VND49,000-52,000 per kilo at present.
Nguyen Xuan Duong, chairman of the Vietnam Animal Husbandry Association, blamed the pig price decrease for lower demand amid the high inflation. Meanwhile, many enterprises at industrial parks have reduced their labourer number because of business difficulties. This has caused a fall in their pork demand. Pork consumption at restaurants in Vietnam has decreased.
Duong mentioned the trend in which more Vietnamese have selected other kinds of food to replace pork.
“Pork prices would continue falling in the next 2-3 months to come and the recovery would depend on the country’s economic situation,” Duong noted.
According to statistics of France-based Ipsos Strategy 3, Vietnam’s pork consumption per capita has dropped to 23.5 kilos in 2022 against 32 kilos in 2018. In the 2018-2022 period, Vietnam’s poultry meat consumption per capita increased to 20 kilos in 2022 from 12 kilos in 2018. The beef consumption surged to 5 kilos from 0.5-0.7 kilos in 2018.
The Ministry of Agriculture and Rural Development reported that by the end of last year, Vietnam's total live pig amount reached 4.5 million tonnes, up 3.6 percent on-year.
