This can be attributed to an increase in domestic production, as well as an increased competition from the United States, explained analysts.
“In addition, Vietnamese companies are recalling the pre-paid supplies due to falling global prices,” the survey says.
Also, logistical problems are largely due to reduced shipments.
It must be noted that according to a market survey for the last nine months, Russia has become the largest exporter of pork to Vietnam. Pork imports accounted for up to 41% of total Vietnam imports. At the same time, competition between pork exporters in the Vietnamese market is becoming increasingly tight since the United States has agreed to reduce import duties from 15% to 10%. Vietnam intends to keep export duties for U.S. exporters at zero.
“This will probably remain an obstacle in 2022, therefore the Russian companies will have to expand the export markets for the Russian pork and the range of exported products in order to strengthen and reinforce their global reputation in the international market place,” noted Agroexport analysts.