Seafood exports were down by 30%, and raw shrimp prices plunged: What is happening to Vietnam's seafood industry?

Published 2023년 6월 22일

Tridge summary

Shrimp prices in Nam Can district, Ca Mau province, Vietnam have plummeted, leading to financial difficulties for farmers. The high costs of raw materials, labor, and interest, coupled with a sharp decrease in Vietnam's seafood exports, have further exacerbated the problem. The Vietnam Association of Seafood Exporters and Producers (VASEP) reports a nearly 30% drop in seafood exports in the first five months of the year. The high cost of shrimp farming in Vietnam compared to other countries like Ecuador, where it is 25-30% lower, contributes to the challenges faced by the industry. VASEP has proposed solutions, including reducing the USD loan interest rate to below 4%, to address these challenges.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

At the end of June 2023, Mr. Nguyen Viet Hoai in Hiep Tung hamlet, Hiep Tung commune, Nam Can district, Ca Mau province "stands still" when shrimp prices have not shown any signs of recovery. Due to the low price of shrimp, many shrimp farmers in Nam Can district had to "hang up the pond". According to Mr. Hoai, white-leg shrimp of 100 shrimp/kg was bought by traders for only VND 70,000-80,000, down 30% from the previous month. The price of 30-40 fish/kg was also reduced by 20%, down to only 105,000 - 115,000 VND/kg. The current sharp drop in the price of shrimp, plus the cost of raw materials, interest, logistics, electricity, packaging, labor, etc., have skyrocketed, causing shrimp farmers to face many difficulties. Mr. Hoai gave an example as the labor cost increased from 6 million VND/month to 9 million VND/month. The price of raw shrimp from the beginning of the year dropped sharply, while Vietnam's seafood exports were equally "dismal". According to the Vietnam Association ...

Source: Danviet