Pig price today August 29: Pig price "plummets" down

The price of live pigs today, August 29, in the North recorded the highest decrease of 2,000 VND/kg compared to yesterday, fluctuating between 57,000 - 59,000 VND/kg.

Giá heo hơi hôm nay 30/6 (Nguồn: China Daily)

Pig price today August 29: Pig price 'plummeting' - is it the market's rule? (Source: China Daily)

Pig price today 8/29

* The live pig market in the North recorded the highest decrease of 2,000 VND/kg compared to yesterday.

Currently, the two provinces of Yen Bai and Lao Cai have both slightly reduced the price by VND1,000/kg to VND57,000/kg. This is also the price of live pigs recorded in Nam Dinh, Ha Nam and Ninh Binh.

Similarly, live pigs in Thai Nguyen, Phu Tho, Thai Binh , Vinh Phuc and Tuyen Quang are being traded at the same level of 58,000 VND/kg, down 1,000 VND/kg.

Today's live pig price in the North is around 57,000 - 59,000 VND/kg.

* Pig prices in the Central and Central Highlands regions have slightly decreased in many localities.

Of which, 56,000 VND/kg is the lowest live pig price recorded in Binh Dinh, Khanh Hoa, Dak Lak and Ninh Thuan provinces, down 1,000 VND/kg.

Similarly, after slightly lowering the price, traders in Thanh Hoa, Quang Binh, Thua Thien Hue, Quang Nam, Quang Ngai and Lam Dong are buying live pigs at 57,000 VND/kg.

Currently, the price of live pigs in the Central and Central Highlands regions is around 56,000 - 57,000 VND/kg.

* In the Southern region, the price of live pigs decreased by 1,000 VND/kg in some provinces and cities.

Specifically, the provinces of Dong Nai, Dong Thap and Kien Giang adjusted the transaction price down to 57,000 VND/kg.

Similarly, Soc Trang province also brought the price of live pigs to the lowest level of 56,000 VND/kg - equal to Long An and Tra Vinh.

The price of live pigs in the Southern region today fluctuates between 56,000 - 58,000 VND/kg.

According to experts, the reason for the recent drop in pork prices is that it is currently the seventh lunar month - the vegetarian season. According to market rules, this is the time of year when pork consumption is at its lowest.

In addition, the changing of seasons has made African swine fever more complicated. Many farms, fearing the disease, have had to sell their pigs early at low prices to recover their capital.

Mr. Vu Vinh Phu, former Deputy Director of Hanoi Department of Trade, former Chairman of Hanoi Supermarket Association said that countries have been operating agricultural product trading floors for a long time.

Pork is an essential commodity, accounting for over 70% of food demand, especially for low-income people. It is also a strategic commodity. Setting up a trading floor will help manage quality, avoid the situation of "forced buying, forced selling, everything will be transparent and public".

Therefore, opening a pork trading floor is expected to help make the market of 800 tons of meat per day more transparent, when traders are no longer allowed to decide prices. If successful, this model can be applied to many other provinces and cities, and many other essential food products. However, it needs to be implemented synchronously, transparently and effectively, and should not be rushed.

According to Mr. Nguyen Duc Dung, Deputy General Director of the Vietnam Commodity Exchange, the benefit of the pork trading floor is that it helps farmers participate directly in the pork supply chain.

He emphasized: "The trading floor helps pork traders buy and sell in a modern and effective way. At the same time, product users are guaranteed food safety and the correct value of the product. Also through the trading floor, the State upgrades the pork market, stabilizing the market based on the law of product supply and demand."

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