The surge demand for live cattle for export to China as well as growing demand in urban areas of Vietnam has put a strong pressure on beef prices in Vietnam in recent years.

Figure 7 shows sharp increases in beef prices⁵ compared with those of the most highly consumed meats (pork and chicken). Between 2008 and 2014, beef prices increased at an average of 7.4% per year, while pork and chicken prices declined over the same period. The beef price increases conforms to regional and international trends, which suggest an integrated cross-border beef market.

In wet markets in Hanoi, retail prices of local produced beef fillet (premium cut) averaged 270,000 VND/kg (12.6 USD⁶ /kg), round averaged 260,000 VND/kg in 2014, which were slightly lower than the Australian imported beef price (averaged 300,000 VND/kg in Big C supermarkets in Hanoi).

Figure 7: Meat retail prices in Mo market, Hanoi (2010 constant prices)

Source: Adapted from CIS/MARD 2014

⁵ Constant prices were averaged on a yearly basis basing on the available data in the database of the Centre for Informatics and Systems (CIS/MARD). The data was collected by CIS through the market information reporting system throughout Vietnam on a daily basis.

⁶ Exchange rate: 21,400 VND = 1 USD in Dec 2014 by Vietcombank in Hanoi