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

Frozen Whole Catfish

Frozen Common Shrimp & Prawn

Seafood

Vietnam

Published Jun 23, 2023

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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.

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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 of Seafood Exporters and Producers (VASEP), over the past five months, Vietnam's seafood exports have reached just over $3.2 billion, continuing to drop sharply by nearly 30% over the same period last year. 10% to 50% deep in the main export markets. In which, the US market fell the most, with more than 50%, followed by the European Union (EU) market with a decrease of nearly 32% and China with a decrease of more than 25%. Shrimp ...

Source: Danviet