Prices of lobsters and grouper 'hit the bottom' because of the new outbreak

Published 2020년 8월 30일

Tridge summary

The article highlights a significant decrease in the prices of seafood products in Vietnam, including cotton lobster and grouper, due to a combination of factors such as reduced demand from restaurants and eateries, real estate development leading to the reclamation of water surfaces, and challenges in exporting to China. As a result, farmers are facing substantial losses, with grouper prices dropping by 150,000-150,000 VND per kg, and other seafood experiencing a 20-60% price drop compared to the beginning of the year. The article emphasizes the challenges farmers face in maintaining profitability amidst these price fluctuations and the efforts being made to support the agricultural sector, including the implementation of programs to boost domestic consumption and financial relief for farmers.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Cotton lobster - Quy Nhon specialty last year was sold 1.9-2.1 million VND and rarely priced under one million VND / kg now only 700,000 VND. Some farmers even have to sell in the form of a bucket because the price drops are too shocking. Mr. Hoa, who raises about 1,000 lobsters in Nhon Hai (Quy Nhon), said this is the lowest level since entering the profession up to now. The second outbreak caused the decline in purchasing power at restaurants and eateries in Da Nang and Ho Chi Minh City. On the other hand, real estate and construction units reclaimed "water surface", causing people to sell off. Along with cotton lobster, grouper - the type of specialty sold in restaurants and shops also fell dramatically. If previously, this type was sold at a barn for up to 200,000-250,000 VND per kg and at a restaurant about 400,000-500,000 VND, now only 100,000-120,000 VND. Farmers in Cam Ranh said, they are losing about 30,000-40,000 VND / kg. This is also the lowest price in the past 5 ...
Source: VNExpress

Would you like more in-depth insights?

Gain access to detailed market analysis tailored to your business needs.
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.