May 19, 2023

Vietnam's shrimp prices dropped sharply in a month

Shrimp prices in Vietnam have fallen by up to 30% within a month and threaten to cause losses to farmers in the country's south.

In the Mekong Delta provinces of Tien Giang and Ca Mau, the prices of shrimp sized 100 to a kilogramme have declined by a third from four weeks ago to ₫70,000-80,000 (US$3-3.41). Larger ones that are sized 30 to a kilogramme, are priced at ₫108,000 (US$4.64), a drop of 20%.

Farmers have commented on online forums that they had been expecting prices to rise for weeks but were hit by price drops. The decline has been caused by lower demand in major export markets while supply has been rising in Vietnam, the Ministry of Agriculture and Rural Development said in a recent report.

Rising inflation has also caused a drop in consumption in the European Union and the United States, two key export markets, the Vietnam Association of Seafood Exporters and Producers said.

Exports to China fell by 40% year-on-year in the first quarter to US$54 million, according to Vietnam Customs.

- VnExpress.net