Live pork price on 05/15/2023: Highest at VND 56,000/kg

Price of live pork in the North on May 15

Live pork price today May 15 in the Northern market has no new changes compared to yesterday.

In which, Thai Binh continues to be the locality with the highest loss in the region, with a price of VND 55,000/kg. 

Meanwhile, VND 53,000/kg is the lowest transaction level in the region today and is anchored in Yen Bai, Lao Cai, Nam Dinh, Ha Nam, and Ninh Binh.

The remaining localities continued to maintain the price of VND 54,000/kg. 

Thus, the price of live pork today 05/15/2023, in the Northern market is trading at VND 53,000 - 55,000/kg.

Live pork price in Central and Central Highlands on May 15

Live pork prices on May 15 in the Central and Central Highlands markets remained unchanged compared to yesterday.

Specifically, the provinces of Thanh Hoa, Ha Tinh, Hue, Khanh Hoa, and Ninh Thuan continue to anchor the price at VND 53,000/kg - the lowest level in the region today.

Meanwhile, the highest price in the region is currently maintained in Quang Ngai, at VND 56,000/kg.

Other localities' prices remain unchanged and continue to stay in the range of VND 54,000 - 55,000/kg.

Thus, the price of live pork today 05/15/2023 in the Central and Central Highlands is buying around VND 53,000 - 56,000/kg.

Price of live pork in the South on May 15

Live pork prices on May 15 in the southern market remained stable compared to yesterday.

Accordingly, VND 52,000/kg is the lowest purchase price in the area today and is being recorded in An Giang.

Traders in the three provinces of Dong Nai, Long An, and Ben Tre continue to buy at the price of VND 55,000/kg - the highest level in the region today.

Except for Vung Tau, Dong Thap, and Tra Vinh, the price is anchored at VND 54,000/kg. The remaining localities are trading at the price of VND 53,000/kg.

Thus, live pork price today 05/15/2023 in the whole South continues to trade around the threshold of VND 53,000 - 55,000/kg.

Pork price is expected to increase from August 2023

According to VCBS, in the period 2016-2022, Vietnamese people tend to switch to more premium meats such as beef, poultry, and seafood, reducing pork consumption.

The reason comes from the continuous increase in per capita income in Vietnam from 3-9%; from $ 2,761/person/year in 2016 to $ 4,100/person/year in 2022. 

However, pork is still an ingredient in many traditional Asian dishes, so the downtrend will level off to a certain extent.

According to the OECD forecast, Vietnam will rank second in Asia (after China) in terms of pork consumption, with an annual growth rate of 3.1% in the period 2022-2030.

Fitch Solution also forecasts that the growth rate of Vietnam's pork consumption in the period 2018-2026 will increase to 25%, until 2026, the average pork consumption in Vietnam is 31 kg/person.

According to VCBS, pork prices are expected to continue their recovery trend from the second half of 2023. Accordingly, the price will increase again around August 2023 when the supply is decreasing and the purchasing power increases again. As a result, the profit margin of pig farming enterprises has improved from 6-14% over the years.

$ 1 = VND 23,260.00 - Source: Vietcombank