Lobster prices in Vietnam have fallen again this month because demand in China, the major market for the species, has not recovered following a plunge in demand caused by the COVID-19 outbreak, Nong nghiep Viet Nam newspaper reported Monday, 16 March.
In early February, prices of lobster raised in Van Phong Bay in Vietnam’s central province of Khanh Hoa declined to about VND 600,000 (USD 25.80, EUR 23.20) per kilogram, down from around VND 1.5 million (USD 64.50, EUR 58.00) per kilogram previously.
In response, traders resorted to selling to the domestic market at a loss, the newspaper reported.
However, prices in the main lobster-producing province of Vietnam rebounded a little bit in late February after trade via land border gates with China in northern Vietnam was partially resumed.
But prices contracted again in recent days, to around VND 530,000 (USD 22.80, EUR 20.50) per kilogram, incurring losses for farmers.
Currently, farmers in Khanh Hoa have about 360 metric tons (MT) of lobster in stockpiles that have not been sold. But only half of exporters in Cam Ranh Town in Khanh Hoa are in operation, as Chinese buyers have not yet resumed buying at the level they had prior to the COVID-19 outbreak.
“Many restaurants and markets in China have not been opened yet. Various areas are still in lockdowns, so demand for lobster has not recovered,” a representative from Binh Thom Seafood Limited in Cam Ranh was quoted as saying.
Nguyen Ngoc Son, vice chairman of Cam Ranh municipal government, said local farmers have been advised to cease selling large volumes at low prices to avoid further losses. They have also been told to keep a close eye on changes in the market and to temporarily halt stocking, the daily said.
Photo courtesy of Igor Kononykhin/Shutterstock
