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Deputy PM takes measure to prevent pork speculation on local market

Update: August, 17/2018 - 10:18
A wholesale pork market. - Photo nguoitieudung.vn
Viet Nam News

HÀ NỘI — Deputy Prime Minister Vương Đình Huệ has directed ministries, sectors and localities to take measures to stabilise the domestic pork market.

People’s committees of centrally-controlled provinces and cities have been tasked with coordinating State agencies to implement solutions to re-develop the production of pigs on a reasonable scale while preventing diseases.

The idea is to create favourable conditions for the industry and stop traders from holding on to supplies as they wait for higher prices.

The deputy PM has also directed the Ministry of Industry and Trade (MoIT) to coordinate relevant agencies to inspect and manage the local market. They would supervise activities of pork traders and major suppliers to reduce costs in circulation and retail distribution, leading to lower retail price of pork.

At the same time, the MoIT would coordinate State management agencies at borders to promote inspection and control of smuggling and trade frauds for pork, protecting consumers and farmers at home, reported the Người lao động (Labourer) newspaper.

According to the latest report by the MoIT’s Import-Export Department, in the first 10 days of August, the price of live pigs has soared on the domestic market. The price has reached VNĐ57,000 per kilo in some provinces and cities in the North, which is the highest in many years and double that of the same period last year.

The Department of Livestock said that current pork supplies were down from the same period in 2017, but not by much. Pork output fell by 1.2 per cent in the first quarter compared to the same period last year, but recovered in the second quarter with a growth rate of about 0.4 per cent. Pork output is expected to increase by 1.5-2 per cent in the third and fourth quarters. — VNS

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