Process Management

News 178 views last update:6 Aug 2012

Viet Nam feed prices continue to rise

Livestock feed producers have hiked their prices for the twelfth time this year, with prices now 16-18% higher than late last year, according to the Viet Nam Livestock Feed Association.

The association attributed the rising prices to higher raw material costs, reportedly up from 15 to 40% since the beginning of the year. The price of corn, for example, has gone up 40%, while the figure for soybeans is up with 50%.

The Government has cut prices of imported feed by 3-5% since August, but domestic prices have kept rising on the back of increasing raw material prices worldwide, the association said.

Feed producers noted, however, that the average price hike of feed was only roughly 20% while raw materials had gone up to 30%.

In a move to restrict the feed price hike, the association has asked the Government to take more action and exempt the industry from the value-added tax (VAT).

The country's demand for feed is roughly 17 million tonnes yearly, 3.5 million of which come from imports, according to the association's statistics.

Editor AllAboutFeed

Or register to be able to comment.