Spiny lobster prices halved

Each kilogram of lobster is being sold by farmers for 1-1.3 million VND, half the price compared to two months ago.

Mr. Hoa, a lobster farmer in Nha Trang, said that the price of this item has dropped sharply, currently selling for 1-1.3 million VND per kilogram (the type weighing over 1 kg each). This is a 45% decrease compared to the same period last year and half the level two months ago.

Meanwhile, Mr. Hung - who has been involved in lobster farming for 20 years - also said that traders mainly buy green lobsters, rarely asking to buy the flower type. "The price of flower lobsters is low so I have no intention of selling them but will raise more for the Tet harvest," he said.

According to shrimp farmers in Khanh Hoa, the price of lobster is at its lowest in two years. At this level, farmers earn very little profit. Therefore, most farmers said they will continue to take care of their lobsters and wait for the price to increase during the Lunar New Year.

Spiny lobsters farmed in Phu Yen. Photo: Nguyen Ky — Spiny lobsters farmed in Phu Yen. Photo: *Nguyen Ky*

Prices at farming households have gone down, so seafood stores in Ho Chi Minh City have also reduced prices sharply. Records at these stores show that lobsters cost 1.4-1.7 million VND per kilogram, down 30% compared to 2 months ago.

Explaining the reason for the low price, Mr. Tuan - a lobster buyer - said that the consumption of this type of shrimp in the domestic and export markets has decreased sharply.

According to him, last year, restaurants consumed tons of shrimp per import, now only a few hundred kilograms. "The export market seems to have decreased by 60%, China now only favors green lobsters because they are small, affordable for consumers and easy to sell due to their lower price compared to spiny lobsters," said Mr. Tuan.

Sharing the same view, Mr. Nguyen An, Chairman of Cam Binh Commune People's Committee, said that since mid-year, Vietnam has only been able to export green lobsters to the Chinese market. As for flower lobsters, the quantity sold in Cam Binh is very limited because the neighboring country has reduced its purchases.

"The price of this type of shrimp is higher than Australian goods, so it is difficult to compete in China," said Mr. An.

A report by the Vietnam Association of Seafood Exporters and Producers (VASEP) shows that in the first 8 months of the year, Vietnam's lobster exports to China reached 76 million USD, down 42% compared to the same period in 2022. This country is gradually applying strict conditions on the import of foreign agricultural, forestry and aquatic products. They are increasingly restricting the import of small-scale sugar. Therefore, instead of importing a lot from Vietnam like previous years, China has replaced it with sources of goods from Canada, Australia, the US, New Zealand, Cuba, India, Brazil, Mexico, etc.

Recently, China continued to restrict lobster imports from Vietnam to control the epidemic. On September 22, about 6 tons of lobsters exported by businesses through Mong Cai border gate died due to this import restriction.

According to exporting enterprises, to reduce the uncertainty of lobsters, it is necessary to promote official exports. However, to do this, enterprises must have an export code issued by the Department of Quality, Processing and Market Development (Ministry of Agriculture and Rural Development); and have quarantine certificates from branches of the Department of Quality, Processing and Market Development.

In addition, farmers need to focus on care and closely monitor market developments, stock at moderate density and according to planning, and register and fully declare with state management agencies.

Previously, the Ministry of Agriculture and Rural Development had a project to develop lobster farming and export by 2025, with a total farming output of 3,000 tons per year and an export turnover of 200 million USD per year. The largest lobster producing provinces in the country are Phu Yen, Khanh Hoa, and Kien Giang. Currently, there are two types of lobsters being farmed: spiny lobsters and green lobsters.

Thi Ha

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