Pork prices spike before Tet

Pork prices at the market have increased sharply, baby back ribs are 190,000 VND per kg, lean pork is 220,000 VND, up 18-25% compared to last week.

With just over a month to go until the Lunar New Year 2025, the pork market is witnessing a sharp increase in prices, reversing the downward trend last year. This increase is due to high consumer demand while supply is facing difficulties.

A survey in Ho Chi Minh City shows that pork prices at retail markets have increased significantly compared to early December. Baby back ribs cost VND180,000-190,000 per kilogram, an increase of VND30,000. Other meats such as pork belly and rump also increased by VND20,000 and VND10,000 per kilogram, respectively, with prices ranging from VND120,000-160,000. In some areas such as Hoang Hoa Tham market (Tan Binh), lean pork has reached VND220,000 per kilogram.

Ms. Hanh, a trader at Xom Moi market, said that the price of pork at the wholesale market increases every day, making it impossible to maintain the old price if one wants to make a profit. She said that all week she has tried to maintain the selling price to support consumers, but the import price has increased too much, forcing her to adjust.

The number of live pigs arriving at Hoc Mon wholesale market - the main supplier for Ho Chi Minh City - decreased by 1,000 pigs compared to mid-December, to just over 5,000 pigs a day.

According to market representatives, the price of live pigs fluctuates between 68,000 and 70,000 VND per kilogram, depending on the type. This has led to an increase in the price of pork at the wholesale outlets of 10,000 and 20,000 VND per kilogram compared to half a month ago. The sharp decrease in supply due to African swine fever has caused many localities to slow down the herd restoration, and the cautious mentality of farmers has made the situation even more serious.

Mr. Nguyen Xuan Huy, Deputy General Director of the Joint Stock Company, commented that the total pig herd has been severely affected by the epidemic, and the relocation of barns in Dong Nai according to local policies has also contributed to reducing supply.

Not only is the supply affected, the demand for pork during Tet has increased sharply, pushing up prices. Large food processing companies such as Vissan and CP predict that pork prices will continue to increase in the short term.

Mr. Phan Van Dung, Deputy General Director of Vissan Company, said that the price of live pigs has reached 68,000 VND per kilogram and may increase further. To cope, the company has increased its raw material reserves, preparing to supply nearly 930 tons of fresh food and 3,700 tons of processed food, up 5% and 8% respectively compared to last year. Similarly, the Joint Stock Company also committed to ensuring abundant supply, helping consumers feel secure about not worrying about food shortages.

Despite the high pork prices, experts say this is only a short-term trend. Mr. Nguyen Kim Doan, Vice President of the Dong Nai Livestock Association, forecasts that the price of live pigs could peak at 70,000 VND per kilogram at the peak before Tet, but will level off when processing demand decreases and new batches of pigs are released to the market.

Currently, the total pig herd in the country has reached 26 million, up 2.9% compared to last year. Pork output is expected to be more than 5 million tons, enough to meet the demand for Tet consumption. Imports of frozen meat from international markets are also being promoted, helping to reduce pressure on domestic supply. Supply is expected to stabilize soon, meeting consumer demand before, during and after Tet.

Source