Ministry petitions to cut lending interest rate for pig breeders

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SaiGon GP English - 1 month(s) ago 5 readings

Lately, in its document, the Ministry of Agriculture and Rural Development asked to lower lending interest rate for pig breeders. The move comes after the price of live pigs kept falling in the southern province of Dong Nai.

Lately, in its document, the Ministry of Agriculture and Rural Development asked to lower lending interest rate for pig breeders. The move comes after the price of live pigs kept falling in the southern province of Dong Nai.

Farmers sell pig at low price suffering big loss (Photo: SGGP)

As there has been a severe drop in pork prices in Dong Nai, pig breeders are in despairs. The Ministry petitioned Government direct banks and credit institutions to charge off debts of pig breeders, and people selling animal feed to help them recover their losses.

Additionally, the Ministry asked local food producers Vissan, Saigon Co.op, SagriFood and military units to increase slaughtering pig for stockpile for future use.

Moreover, the Ministry proposed stopping import meat into the country to protect local husbandry sector. For the long term, the husbandry must reduce the livestock.

Many houses in Dong Nai Province’s Long Khanh Town advertised to sell houses and land to pay their debts. Farmer Le Thi Tuyet Linh in Bac Son village in Thong Nhat District sold off the pig at low prices suffering a loss of VND1.2 million a pig. She complained that other farmers also suffered loss like her.

Breeder Nguyen Van Bang in Doi Riu village moaned he suffered losses of hundreds of millions of Vietnam dong because pig price went down drastically.

Not only pig farmers but also animal feed shop owners fell into debts because they sold animal feeds to farmers and they would only receive money when farmers can sell pigs while animal feed shop owners must borrow loans from banks.

As per the province’s Husbandry Association, 40 percent of farmers have stopped breeding the animal. A kilogram of the meat currently is sold at VND25,000 (US$1.1) to VND28,000 (US$1.23).

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