Vietnam: The price of king crab increased to a record

Published 2023년 5월 26일

Tridge summary

The article reports a significant increase in the price of live red king crab in Ho Chi Minh City, Vietnam, with the cost per kilogram rising to between 2.7 and nearly 3 million VND, a 30% surge compared to the previous year. This price hike is attributed to the end of the crab season in the US and Canada, high fishing and labor costs in these countries, and a decrease in production leading to a scarcity of high-class seafood such as snow crab and lobster. As a result, customers in the high-end segment are facing increased costs for these products.

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Original content

At some seafood stores in Ho Chi Minh City, the price of live red king crab being listed ranges from 2.7 million to nearly 3 million VND per kilogram. The weight of each crab is from 1.6 kg - 4 kg. For king crab, the price is cheaper, from 700,000 to 1 million VND, ranging from 1.4 million VND/kg. Meanwhile, in 2022, the price of this crab is only about 1.7-1.9 million VND/kg. Explaining the reason for the galloping increase in crab prices, Mr. Tran Van Truong, General Director of Royal Seafood International Trade Co., Ltd. said that the supply of king crab from the US or Canada is scarce because it is at the end of the season. Therefore, the retail price of this product also increased higher than a few months ago. "Not to mention, the cost of fishing and labor in these countries is also high. Many things add up, causing the price of king crab to Vietnam is increasing by about 30%. This makes customers belong to the high-end segment. Buying goods without looking at the price must ...

Source: Vietstock