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Nov 20, 2019 / 13:17

Vietnam may massively import pork amid concern of supply shortage

In the fourth quarter of 2019, demand for pork in Vietnam is estimated at 600,000 tons, while supply is over 400,000, indicating a shortage of 200,000 tons.

Vietnam may import pork to address the ongoing supply shortage, particularly in the remaining months of the year toward the Tet Festival when demand for pork often surges 25 – 30% per day, according to Deputy Prime Minister Vuong Dinh Hue.

 Overview of the meeting. Source: VGP. 

The Ministry of Agriculture and Rural Development is tasked with balancing the pork supply-demand for each month from now until the Tet holiday, the biggest festive occasion of the year, said Hue at a government meeting on November 18.

“The government maintains inflation target at 3.3 – 3.9% for this year, in spite of hikes of oil and pork prices,” said Hue.

Hue urged government agencies to continue strong efforts against the African Swine fever, while supporting enterprises and provinces/cities resuming pork production to meet market demand.

Vice Minister of Agriculture and Rural Development Phung Duc Tien said from February to November 15, the fever led to the culling of nearly 5.88 million of pigs or some 337,000 tons of pork, accounting for over 8.8% of the total pig weight nationwide.

According to Tien, the average price of live hog in the country had risen to VND60,000 - 67,000 (US$2.6 - 2.9) per kilogram, and to VND75,000 - 80,000 (US$3.3 - 3.5) in some localities, due to shortage of pork supply.

Meanwhile, there has been cases of illegal export of pork to China, Tien added.

Data from the General Statistics Office (GSO) showed pork price increased 19% year-on-year as of present, leading to a likely expansion of the consumer price index (CPI) by 0.8 – 1% in November.

In the fourth quarter of 2019, demand for pork in Vietnam is estimated at 600,000 tons, while supply is over 400,000, indicating a shortage of 200,000 tons.

In case of a further increase of 10 – 15% in pork price, or at VND80,000 (US$3.45) per kilogram, the overall CPI is estimated to expand 0.5 – 0.7%, taking the average expansion of CPI of 2019 to below 3% year-on-year and under the government 4% target.