In recent days pork prices in Vietnam have dipped to a record low and also the lowest in the world. Pig on the hoof is sold at 25,000-28,000 dongs (US$1.11-1.24) per kilogramme.
The situation is blamed by market observers on oversupply of pork. The Ministry of Industry and Trade estimates the country will have a surplus of 200,000 tonnes of pork this year. If the glut is not addressed, many pig breeders, including large farms, are likely to go bankrupt, and animal feed, veterinary care, and slaughter and pork trading businesses will suffer badly.
The Ministry of Agriculture and Rural Development (MARD) has sent officials to China to solicit buying.
Some food processing firms have already suspended imports and increased local purchases to aid pig farmers.
Cu Tre Export Goods Processing Joint Stock Company, for instance, normally processes both local and imported pork, but it has temporarily stopped imports. The company plans to buy and stockpile 200-250 tonnes, which is equivalent to three months’ requirement.
Vissan Co Ltd has also stopped pork imports and increased its local purchase from 1,500 pigs a day to 1,800.
Retailers are also pitching in to help rescue pig farmers by rolling out several promotions to stimulate pork demand. – Viet Nam News
Producers request 5% excise increase for light cigarettes
The Association of Indonesian Light Cigarette Producers (Gaprindo) has said that the excise increase for light cigarettes should not be more than 5 percent because of ongoing economic slowdown in the country.
“Customs and excise is quite burdensome for industry players. This year, it rose by 10 per cent, and even last year it rose by 15 percent,” Gaprindo chairman Muhaimin Moefti said over the weekend as quoted by kontan.co.id.
The association also requested that the government review customs and excise rates every three to five years, instead of every year as done currently, said Muhaimin.
Separately, the Finance Ministry's customs and excise director general, Heru Pambudi, said the government did not plan to increase revenue for tobacco products and had even projected a decrease in production by 2 percent this year.
As of April alone, he added, his directorate recorded a decrease by Rp 200 million (US$15,018) of customs and excise revenue to Rp 29.4 trillion (US$2.20 billion) from the same period last year. – The Jakarta Post
Authorities brace for more cyber attacks
Asian governments and businesses reported some disruptions from the WannaCry ransomware worm yesterday but cybersecurity experts warned of a wider impact as more employees turned on their computers and checked emails.
The ransomware that has locked up hundreds of thousands of computers in more than 150 countries has been mainly spread by email, hitting factories, hospitals, shops and schools worldwide.
While the effect on Asian entities appeared to be contained on Monday, industry professionals flagged potential risks as more systems came online across the region.
Companies that were hit by the worm may be wary of making it public, they added. – The Straits Times