Pork price reduces VND10,000-20,000 a kilogram

22-Jan-2020 Intellasia | SGGP News | 6:02 AM Print This Post

Announcing goods preparations for the Lunar New Year 2020, the ministry said that provinces and cities including Vinh Long, Can Tho, Bac Ninh, Hanoi, Hai Phong and HCM City have mobilised some distribution businesses to stabilise the prices of some fresh products including pork and limit price hike in the coming Tet holiday. In case of big fluctuations, the price will be hiked a maximum of 10 percent per increase time.

The move has helped stabilise pork in particular and other necessary products in general at the end of the year.

The ministry has implemented many activities to balance pork supply and demand and stabilise the market. For instance, it has organised meetings with large scale breeding, slaughtering, processing and distribution businesses to draw solutions to stabilise the pork market at the end of the year.

Of these, BigC and GO supermarkets have announced to sell pork at non-profit prices from December 28, 2019 to the end of the Tet holiday in order to side with the government in pork market stabilisation. Meantime, Saigon Co.op plans to increase pork supply by 30-40 percent over normal in the Tet holiday and commits to continuing selling pork at the price under the market stabilisation programme in all localities.

The prime minister and the Ministry of Industry and Trade have instructed to intensify inspection, control and strict handling over speculation of goods.

The prime minister has asked the Ministry of Agriculture and Rural Development, the Ministry of Industry and Trade, the Ministry of Finance and the State Bank of Vietnam to facilitate pork import to make up supply shortage in the domestic market. The volume of import pork is scheduled to approximate 100,000 in the first quarter of 2020.

In the upcoming time, the ministry will continue requiring its departments in provinces and cities to keep a close eye on price as well as supply and demand and focus on stabilising pork prices. The departments should ask businesses to have plans to ensure supply and stabilise pork prices during and after Tet. In addition, they should work to prevent transport and trade of ill pigs and pigs with unclear origin to make sure food safety. Moreover transport of illegal pigs through the border to neighbouring nations should be prevented.

According to the ministry, purchasing power is expected to increase about 10-20 percent year-on-year and move up 15-20 percent over normal months in the year.

Reports by provinces and cities show that the total value of goods stockpiled for Tet by businesses is estimated to rise 20-25 percent against normal. The volume of goods stockpiled by businesses under the price stabilisation programme is estimated to increase about 10 percent year-on-year.



Category: Business, Vietnam

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