Pork Prices Soar, Concerns of Meat Shortage Rise

Since the Lunar New Year, pork prices in Vietnam have continuously increased, impacting small traders. Live pig arrivals at wholesale markets have decreased by 50-60% compared to before the holiday. While prices at the end of 2024 (63,000 - 65,000 VND/kg) were profitable for farmers, they have recently surged to a 5-year high of 71,000 VND/kg nationwide, exceeding prices in neighboring countries. This price spike follows a slight increase before and during the Lunar New Year, a period when high demand typically drives prices up. Northern provinces see prices ranging from 70,000 - 72,000 VND/kg, while Southern provinces reach 73,000 VND/kg, with some areas like Ho Chi Minh City reaching 74,000 - 75,000 VND/kg. This surge is attributed to a sharp decrease in supply, exacerbated by factors such as farm relocation, the impact of African swine fever, and Typhoon Yagi. The decreased supply is evident in major wholesale markets, including a significant drop at Hoc Mon Wholesale Market in Ho Chi Minh City. Even large companies like C.P. Vietnam Livestock Corporation have reported reduced sales and earlier slaughtering due to limited supply. Despite the current shortage, the Department of Livestock Production anticipates increased restocking by farmers due to high prices and projects that pork production in 2025 will meet domestic demand.