Pork in Vietname paid five time higher than in America

From the beginning of July, the wholesale price of lean pork at Hoc Mon Agricultural Product and Food Wholesale Market has been on average US $ 5.65/kg, in the retail market, pork price is US $ 0.4-0.8/kg while lean pork prices delivered in July-2020 in Chicago (USA) is around US $ 1.1/kg
July 13, 2020 | 10:29
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According to the update of Management and Business Co., Ltd. of Hoc Mon Agricultural Products and Food Wholesale Market (HCMC), the biggest pork wholesale market in Ho Chi Minh City, from the beginning of July until now, the wholesale price of lean pork at Binh market at USD 5.6 / kg, compared to the end of June, the pork price decreased by USD 0.2/kg. That is the wholesale price at wholesale markets, so it will be USD 0.4-0.8/ kg higher, USD 6 -6.5/kg for retailed price.

Meanwhile, in regular report on agriculture market in June 2020 by Ministry of Agriculture, it is reported that lean pork prices delivered in July-2020 in Chicago (USA) is US $ 1.04/kg. Also updated by the Import-Export Department (Ministry of Industry and Trade), on June 30, lean pork price in Chicago (USA) delivered in July 2020 was trading at US $ 0.9/kg, decrease 20.8% compared to the end of May 2020 and a decrease of 37.8% compared to June 30, 2019 because China reduced imports.

Thus, compared to the wholesale price of lean meat, the price of Vietnamese pork is 5 times higher than in the US while Vietnamese people' income is much lower than that of the US people.

However, in Vietnam, consumers buy US pork that is not much cheaper than domestic pork. According to the quotation of A.L store (Le Van Sy Street, District 3), the retail price of US boneless lean shoulder & rib breast is around US $ 5.4/kg, US pork rib breast.

The US is in the top 5 pork supplier for Vietnam market in the first months of 2020. According to businesses, the price of imported pork is strongly influenced by the Chinese market. From the beginning of the year until now, China has had two high volume purchasing of pork, including purchases by private enterprises and the purchase of government reserves. As the price of pork in the US cools down, Vietnamese businesses are stepping up their purchases, which is expected to arrive in August. Although pork prices in the US are cheaper, businesses have to pay an import tax of 15% so in Vietnam. Currently US and Russian pork prices are the same because of the 0% import tax pork in Russia.

Mr. Pham Duc Binh, Vice President of Vietnam Animal Feed Association, said that pig breeding in the US has developed, high productivity and stable market. "In the U.S, it is rare for farmers to earn US $ 10/ pig while inVietnam pig farmer can earn 10 time higher, US $ 100/ pig. The price of raising pigs in Vietnam is high due to productivity. However, an important issue that makes the price of pigs abroad cheap is the low consumption by fast food chains where meat is consumed a lot but only chicken, beef and fish ", Mr. Binh analyzed.

According to experts, in the world, the Americas (Canada, USA, Brazil) and Europe (Germany, Poland, Spain) are the countries with advantages of raising pigs at low prices. Asia is the region with the highest livestock production price in the world. Under normal conditions, there is no disease, the price of Vietnamese pigs is only cheaper than some countries such as China, Japan, South Korea and Singapore.

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