Sellers have confirmed that they have prepared large quantities of goods to meet customer demand, with stable prices.
Slight price increase
Ngo Quynh Hoa, a resident of District 10, HCMC, noted that at the end of the year, almost everything has seen a price increase, which makes homemakers like her feel “overwhelmed.” For instance, pork and beef prices at some local markets have risen by VND2,000-7,000 per kilogram, and ready-to-eat foods have similarly increased in price, depending on the type. “Each item has gone up a little, which significantly adds to the total cost of the shopping trip,” Hoa said.
On December 25, observations from several market stalls showed that the price of live pigs had risen by VND2,000-3,000 per kilogram compared to a month ago, now ranging from VND64,000-68,000 per kilogram. “However, prices in the market remain relatively stable because if they get too high, people won’t buy. Currently, pork ribs are priced around VND165,000 per kilogram, and ham at VND100,000-110,000 per kilogram. These prices have increased by VND1,000-2,000 per kilogram compared to two weeks ago,” said Thu Thuy, a vendor in Tan Phu District.
Mr. Nguyen Quoc Anh, Director of a food processing company, explained that imported pork and beef from the US, Brazil, and Russia are relatively cheaper than domestic products, so many restaurants, eateries, and schools often use these imports. The price for imported pork leg is VND45,000-50,000 per kilogram, belly pork is under VND85,000 per kilogram, and ham is around VND77,000 per kilogram.
According to Mr. Nguyen Quoc Anh, the prices of imported goods remain stable, while domestic products experience sudden price increases, which affects businesses' selling prices. "High-end restaurants often use a mix of both domestic and imported products to reduce costs while still meeting customer preferences," Mr. Nguyen Quoc Anh noted.
The Hoc Mon Wholesale Market Management Board reported that prices for some types of pork sold at the market early on December 25 were similar to those from three months ago, such as front legs at VND75,000 per kilogram and back legs at VND65,000 per kilogram. However, prices for items like pork ribs had increased to VND155,000 per kilogram, up VND10,000 compared to early September, and collar pork had risen to VND120,000 per kilogram, also up VND10,000.
According to data from the General Department of Vietnam Customs, Vietnam imported nearly US$1.6 billion worth of meat and meat products in the first 11 months of 2024, an increase of 14.2 percent compared to the same period last year. Of this, Vietnam imported pork from 40 markets, with imports from Brazil accounting for 39.28 percent of total pork imports, followed by Russia at nearly 30 percent, Canada at 7.45 percent, and Germany at over 6 percent.
Vietnam is ranked among the top ten countries with the highest pork consumption in the world. The Ministry of Industry and Trade reported that many enterprises and livestock associations from European countries like Poland, France, and Belgium continue to enhance trade promotion efforts to increase exports of beef, pork, and meat products into the Vietnamese market.
Vietnam spends $1.55 billion on meat and other food imports
According to the General Department of Vietnam Customs, Vietnam spent $1.55 billion on importing meat and other food products from 40 markets in the first 11 months of 2024. Brazil accounted for nearly 40 percent of these imports, while Russia contributed nearly 30 percent. Meat imports typically see a significant increase in the fourth quarter to meet the rising demand for the year-end holiday season. To protect consumers, the Ministry of Agriculture and Rural Development (MARD) has intensified quarantine measures and international cooperation to ensure the quality of imported food.
Ensuring supply for the Tet holiday
As of now, businesses have committed to maintaining stable prices and ensuring adequate supply of goods, including pork, for the Tet market. Mr. Phan Van Dung, Deputy General Director of the Vietnam Livestock Industry Corporation (VISSAN), stated that the company has completed its food supply plan with a total budget of over VND540 billion, an 8 percent increase compared to the same period last year.
These preparations aim to meet the high consumer demand during the Tet holiday and ensure market stability. VISSAN plans to supply nearly 930 tons of fresh food to the market, with approximately 3,700 tons of processed food, an increase of 5-8 percent compared to Tet 2024.
Ms. Ly Kim Chi, President of the HCMC Food and Foodstuff Association, noted that businesses have implemented various plans to supply goods for the Tet market. In addition to ensuring a sufficient supply, businesses are collaborating with HCMC to keep prices stable, organize mobile sales, and stabilize prices in remote areas to stimulate consumer demand.
Ms. Ly Kim Chi stated, “This collaboration aims to stimulate the economy and provide opportunities for people, especially those in challenging circumstances, to prepare for Tet.”
At traditional markets, prices for pork, poultry, and other items are being stabilized for the Tet season. Ms. Do Thi Hong Anh, Acting Head of the Tan Chanh Hiep Market Management Board in District 12, HCMC, noted that while live pig prices have risen, the increase is negligible. Most vendors clearly display prices and actively support consumers, with no reports of excessive price hikes. Additionally, goods at Hoc Mon, Binh Dien, and Thu Duc wholesale markets remain abundant and diverse, alleviating concerns about price surges.
Mr. Bui Ta Hoang Vu, Director of the HCMC Department of Industry and Trade, confirmed that preparations for the Tet 2025 supply chain began early under the guidance of the HCMC People’s Committee. This year, 69 businesses are participating in the market stabilization program, an increase of ten compared to last year.
Businesses are expected to prepare approximately VND23 trillion worth of goods to meet demand before, during, and after Tet, with nearly VND10 trillion allocated specifically for market stabilization items. Additionally, from now until January 2025, the department will collaborate with other units to implement a mobile sales program, ensuring price stability across various districts and offering discounts of up to 80 percent.
Ms. Phan Thi Thang, Deputy Minister of Industry and Trade:
Significant discounts to support consumers
The supply of essential goods, particularly food and foodstuffs, is currently abundant, with prices remaining relatively stable, ready to meet the increased consumer demand during the year-end and 2025 Lunar New Year. To ensure market stability and balance supply and demand, the Ministry of Industry and Trade has issued Directive No.13/CT-BCT, detailing specific measures for the final months of the year and the Tet holiday. Localities such as Hanoi, HCMC, Dong Nai, and Ninh Thuan have finalized their market stabilization plans, assigning tasks to businesses to secure supplies and establish both fixed and mobile sales points.
Hanoi and HCMC are actively coordinating regional efforts to ensure a steady supply of goods in both quantity and quality. Simultaneously, programs promoting Vietnamese products in rural areas and consumer-stimulating promotions are being intensified.
With Tet 2025 purchasing power expected to increase by more than 10 percent compared to the same period last year, businesses have boosted their inventories by 10-25 percent. Numerous programs offering significant discounts on essential items are being implemented to support consumers. The Ministry of Industry and Trade will continue to closely monitor the market to ensure a sufficient supply of essential goods and to prevent shortages, price spikes, and market manipulation.
Mr. Duong Tat Thang, Director of the Department of Livestock Production, Ministry of Agriculture and Rural Development:
Sufficient pork supply
As of the end of 2024, Vietnam's total pig herd has reached 26 million, up 2.9 percent compared to the previous year. Pork production is projected to exceed 5 million tons, ensuring adequate supply for Tet and the early months of 2025. Since late September, businesses and farmers have ramped up restocking efforts to ensure livestock is ready for market in time. This proactive approach helps mitigate the risk of supply shortages during the year-end peak period.
