Import pork prices have fallen to a record low at half their domestic equivalents due to modest demand at restaurants and hotels.
Import pork prices have fallen by 36-40% year-on-year with ribs costing around VND88,000 ($3.76) per kilogram, half the domestic figure.
Hanh, a pork seller in Ho Chi Minh City’s District 12, said that there has been weak demand for imported pork since the beginning of the year.
“We sell imported pork mostly to restaurants, but consumption has been falling there, causing prices to drop.”
Hanh has lowered her import by 30% year-on-year.
Thanh, a seller in Go Vap District, stopped selling imported pork from Russia two weeks ago.
“Only a few customers come by each day, and I was recording losses. I decided to stop selling it.”
Tran Hoan, a media representative for a pork importer in HCMC, said that restaurants and hotels are the biggest buyers of this product, but they have not been buying because consumption is week.
In the first six months, pork imports fell 48.7% in value to $96 million, according to Vietnam Customs.
Brazil accounted for 35.1% of the value, followed by Russia, 25.7%, and Germany, 16.6%.
An average kilogram of imported pork is priced at VND50,000-60,000, compared to domestic fresh pork prices of VND100,000-170,000.