Vietnamese Pangasius Prices Tumble

The global economic crisis caused the price of Vietnamese pangasius to drop VND900,000 (US$56) per metric ton this week, according to the Industry and Trade Department of the Cuu Long (Mekong) Delta province of An Giang.

Currently, pangasius in An Giang and Can Tho provinces is fetching VND15,300 to VND16,000 (US91 to 95 cents) per kilogram.

Pangasius exporters are struggling to raise capital due to the global credit crunch. Banks nationwide are tightening credit restrictions and, as a result, exporters can't obtain the capital necessary to purchase fish from farmers, reports Viet Nam News.

Vietnam's Ministry of Agriculture says the previous target of $1.5 billion in pangasius exports appears unreachable in the current economic climate. Pangasius processors are being encouraged to turn to the domestic market to sell fish.

Vietnam's largest pangasius export markets are Russia, Ukraine, the European Union and the United States.

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