The agriculture ministry is considering tax incentives and other support for the animal husbandry sector in order to bring down food prices, news website VnExpress reported Sunday.
According to the ministry, total meat production in the country increased 6.6 percent in the first seven months to 2.87 million tons, but it was not enough to meet local demand, especially for pork.
As a result, the ministry, together with trade and finance ministry officials, has proposed the government takes measures to help meat producers, VnExpress reported. Agricultural officials said import taxes on corn and wheat used as animal feed should be cut to 3 and zero percent respectively.
Vietnam's consumer price index jumped 23.02 percent in August from a year ago. Food prices alone surged 27.87 percent year-on-year.
Analysts have said food prices have been rising since early this year, but spiked in July on tight pork supplies. "In August, pork prices seem to have softened somewhat compared to July but remain high compared to a year ago," Viet Capital Securities said in a report last week.