March 31, 2014

Due to lack of supply, Vietnam's shrimp prices have reached a record high since Lunar New Year.

According to a shrimp farmer who lives in An Minh District in Kien Giang Province that with this price, they can earn VND60-80 million (US$2,900-3,800) per hectare despite the low productivity of extensive farming methods they are now using.

The price has increased because the harvest area is still small as this is only the beginning yield of this prawn crop.

Nguyen Quang Minh, director of Kien Cuong Seafood in Kien Giang, said the company had not bought enough fish, and had only 20-30% of its maximum productivity. The company had to switch to processing squid and other frozen fish to ensure jobs for workers, he added.

According to several enterprises, the situation will continue for one to two months until farmers collect all their shrimp at the end of the harvest.

The price for prawns in the Cuu Long (Mekong) Delta provinces of Kien Giang and Ca Mau has risen by VND10,000 (US$0.47) to VND305,000-310,000 (US$14.46-14.7) per kilogramme for a package of 20; VND250,000 (US$11.86) for a package of 30; and VND230,000 (US$10.9) for a package of 40.