Vietnam: Gross domestic product of Ca Mau ranks fifth in the country but key products are still difficult

Ca Mau province in Vietnam has seen a significant economic growth in the second quarter, with a gross domestic product (GRDP) increase of 7.69%, higher than the national average of 3.55%. The province's total GRDP growth in the first half of the year is estimated at 8.61%, placing it as the second most dynamic economy in the Mekong Delta and the fifth in the entire country. This growth is primarily driven by the industry and construction sectors, which have experienced a 14.08% increase. Despite these positive developments, the province's main economic activity, shrimp farming, is struggling with challenges such as market fluctuations and falling prices. Exports are down 24.5% compared to the same period, reaching only 383.4 million USD, which is 32% of the targeted amount. As a result, many households engaged in shrimp farming are experiencing financial losses. In response, the province's authorities are focusing on diversifying production models and enhancing the creation of stable output. They are also encouraging the production of value-added shrimp products for the domestic market to reduce reliance on exports and mitigate the impact of market fluctuations.