Live pig prices rise sharply after farmers reduce herds

The northern provinces of Thai Binh and Nam Dinh have recorded the highest prices of live pigs in Vietnam, nearly VND70,000 ($2.75) per kg, up 15% compared to the beginning of the year.

Traders were paying VND60,000 ($2.36) per kg at the beginning of this year.

According to the Ministry of Industry and Trade, live pig prices may remain at the current level until the end of 2024 because small livestock farmers have only just begun to restock after African swine fever hit in 2023.

Nguyen Tri Cong, chairman of the Dong Nai Livestock Association, told The Investor that a preliminary survey of small livestock farmers and large businesses showed that they had reduced their herds by 30-40%, and in some places by up to 70%.

This has been attributed to falling prices in 2023 which hit farmers hard, leaving them unable to invest in new livestock.

Exports jump

In the first five months of 2024, Vietnam exported nearly 9,740 tons of meat and meat products worth $41.3 million, up 40.4% in volume and 25.1% in value compared to the same period in 2023, according to the Ministry of Industry and Trade.

Vietnam's meat and meat products are mainly exported to Hong Kong, Belgium, Laos, mainland China, Malaysia, France, Canada, and the U.S.

In particular, exports to the Hong Kong market accounted for 33.8% of the country's total meat exports in May, with 854 tons worth $5.47 million, a year-on-year increase of 23.4% in volume and 39.8%.

In the first five months of 2024, Vietnam exported 4,310 tons of meat and meat products to the Hong Kong market worth $25.34 million, an increase of 37.5% in volume and 28.2% in value compared to the same period in 2023. The exports were mainly frozen whole suckling pigs and pork.

In 2023, Vietnam exported 22,450 tons of meat and meat products worth $110.35 million, an increase of 19% in volume and 30.4% in value compared to 2022.