Lobster prices drop in Vietnam, no traders buy them

Published Jan 3, 2023

Tridge summary

The article reports a significant decrease in the price of lobster in Phu Yen province, Vietnam, with grade 1 cotton lobster dropping to 800,000 - 850,000 VND/kg from 1.3 - 1.4 million VND/kg, and blue lobster reducing to 600,000 - 650,000 VND/kg from 700,000 - 850,000 VND/kg. This is attributed to increased farming costs and a decrease in demand. Despite a 79% increase in lobster output, the narrowed consumption market, largely impacted by Covid-19, has led to a drop in prices and increased pricing of shrimp.

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Original content

Previously, the price of grade 1 cotton lobster was purchased from 1.3 to 1.4 million VND/kg, blue lobster was priced from 700,000 to 850,000 VND/kg. Currently, grade 1 cotton lobster is reduced to only about 800,000 - 850,000 VND/kg, while blue lobster is about 600,000 - 650,000 VND/kg. The price of lobster has nearly halved compared to before, while the cost of farming has doubled. Lobster prices dropped, but few people bought them, so shrimp farmers were forced to price, even shrimp from type 1 pressed down to type 2. Lobster prices in Phu Yen province dropped, but traders were still absent. This year, in Song Cau town, Phu Yen province, about 51,800 commercial lobster cages were stocked, the output of all kinds of ...

Source: Vinanet