Pig prices have reached the highest level over the past year, bringing enormous profits for farmers.
On May 16, pig prices in the northern region rose up to VND67,000 (USD2.60) per kilo, up VND1,000 from the day before. In the central and southern regions, prices ranged between VND62,000 and VND67,000.
Pig prices have reached the highest level over the past year
Pig prices have increased by 25 percent since the beginning of the year.
Farmer Le Minh Hien from Vinh Phuc Province’s Vinh Tuong District said he has recently made profits thanks to higher pig prices after suffering great losses last year.
Nguyen Trung Tien from Hung Yen Province’s Khoai Chau District said his family was breeding 60 pigs. He expected each pig could generate a profit of VND1 million.
Animal feed prices have fallen, helping pig breeders reduce costs.
Amid the pig price increase, BAF Vietnam Agriculture Joint Stock Company earned VND1.3 trillion, up 58 percent on-year. Meanwhile, Dabaco Group JS Company’s revenue was estimated at VND3.25 trillion in the first three months, up 41 percent on-year.
According to Nguyen Xuan Duong, the chairman of the Vietnam Livestock Association, African swine fever has severely affected the pig supply, which is among the major reasons for the current higher prices.
Before the Tet Lunar New Year Holiday, farmers flocked to sell pigs at low prices of VND53,000 per kilo due to the widespread African swine fever.
Vietnam’s pig prices are forecasted to reach VND70,000 per kilo in the coming time.
