China increases imports of Vietnamese lobsters

Published 2022년 11월 16일

Tridge summary

Vietnam's lobster exports have surged due to high demand from China, contributing over 5% to the shrimp industry's exports. However, lobster farming is facing challenges due to storms and floods, leading to a decrease in lobster numbers and a rise in prices. Despite the high prices, sales are low. Chinese companies and traders are the largest purchasers of Vietnamese lobsters. The Ministry of Agriculture and Rural Development is working on a project to increase lobster farming and exports, aiming to reach 3,000 tons a year by 2025. Meanwhile, Vietnam's shrimp exports, which grew by 23% to $3.4 billion in the first nine months of the year, have seen a slowdown since the third quarter.

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

Original content

This information has just been shared by Ms. Le Hang, Communication Director of the Association of Seafood Exporters and Producers - VASEP. The reason why lobster exports have skyrocketed is due to high consumer demand in China. It is forecast that the purchasing power of this product will continue to increase strongly in the last months of the year when consumers in this country prepare for the traditional Tet holiday. Currently, the export value of lobster accounts for over 5% of the shrimp industry's exports. A survey by VnExpress shows that the number of lobsters in farming areas is decreasing due to the impact of storms and floods, causing shrimp to be suffocated with fresh water, causing serious damage to many farming households. Currently, blue lobsters of 3-4 pieces per kilogram have a retail price of 1.3-1.5 million VND per kilogram, up 10 percent compared to the previous month. The price of cotton lobster is around 1.7-2 million VND per kg (type 1 head per kg). Mr. Hung, ...

Source: VNExpress