February 23, 2007

Vietnam catfish prices reach record high

Catfish prices have continued to rise in Vietnam's Mekong Delta after the Lunar New Year on February 18, reaching at its highest of VND17,000 (US$1.06) per kilogramme.

Some traders said the low output of tra and basa catfish on farms this year had forced their prices up.

The increased prices have encouraged more farmers in the delta to invest in expanding their fish farms, also forcing up breeding stock prices considerably. It now costs VND2,200 (US$0.13) to VND4,000 (US$0.25) per fry.

In 2006, Vietnam exported tra and basa to 65 countries and territories, earning a record US$700 million. Top buyer was the European Union which bought almost half the country's seafood exports. Other major markets include Russia and the US.

The country hopes to earn US$1 billion from catfish exports this year, said Ngo Phuoc Hau, chairman of the Vietnam Association of Seafood Exporters and Processors (VASEP)'s Mekong Fresh Fish Committee.