Farmers turn to shrimp as prices soar
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Farmers turn to shrimp as prices soar

Economy, Vietnam, Vietnam Finance News

Farmers in Ca Mau and Bac Lieu provinces started investing shrimp farming as prices have been on the rise since March.



  

Harvesting shrimps in Cai Nuoc District, Ca Mau Province


A kilo of shrimp are sold for VND230,000 (USD10) to VND310,000 (USD13.64), an increase of 20-30% compared to same period last year, said farmer Tran Quang Hien in Ca Mau Province.

Raising shrimp becomes more difficult after July because of colder weather and dry season. But if they can sell the shrimp in the run-up to the Tet holiday, prices will be higher than normal. Many farmers have started farming shrimp in recent months.

Trader Tran Van Hoang said the prices might continue to rise because the storm season would badly affect the farms.

According to the head of Bac Lieu Province Department of Aquaculture Pham Hoang Giang, Bac Lieu has 130,000 hectares of shrimp farms and the prices were also rising. A kilo of white-leg shrimp now costs VND105,000 (USD4.62).

“Export companies are having lots of contracts. Moreover, the farms are smaller this year which pushes the prices up. Many seafood processing companies said the prices would be high until the end of the year as many contracts haven’t been fulfilled,” he said.

Statistics from Ca Mau Province People’s Committee show that it harvested 43,500 tonnes of seafood in August, of which 16,250 tonnes are shrimp, an increase of 25% compared to the same period last year. The total farming area also increased by 579,6 hectares.

The local authorities had advised farmers to follow a schedule and buy quality equipment instead of just raising large numbers.

Ca Mau chairman Nguyen Tien Hai ordered the Department of Agriculture and Rural Development to work with agencies to give guidance and support to the farmers in order to expand production.

QBCA

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