July 1, 2008

Vietnam imports US$1 billion worth of feed amid high prices

Feed and feed material prices have increased drastically by between 30-100 percent since late 2007 despite that import tariffs for the products have been set to zero.

Prices of soy oil cakes surged 80 percent from VND 4,200 in late 2007 to VND 7,700 per kilogramme. Corn prices also climbed 23 percent to VND 4,200 from VND 3,400 per kilogramme.

High feed import prices and rising freight rates are two major reasons for the price hikes at domestic market, according to analysts.