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The sharp decline in lobster prices is expected to lead to financial setbacks for farmers and aquaculture businesses, potentially resulting in bankruptcy. |
On November 13, the Aquaculture Department under the Fisheries Sub-Department of Phu Yen Province reported that they were reviewing and compiling specific statistics on the significant impact of the sharp decline in prices of tropical rock lobster in this locality.
Phu Yen is the largest lobster farming hub in the Central region with nearly 87,600 breeding cages, producing 2,000 tons per year, including green spiny lobster and tropical rock lobster). However, the export prices of tropical rock lobster have sharply decreased in the past few months, dropping from VND2.3 million to a mere VND1.1 million per kilogram and even reaching as low as VND800,000 per kilogram, and faced consumption constraints.
Authorities and traders attribute the substantial price drop of tropical rock lobster to difficulties in the export market, particularly in China, which is not accepting products without compliance with traceability and proof of origin requirements. Currently, the majority of tropical rock lobster seedlings in Phu Yen are mainly caught in the wild. The sharp decline in lobster prices is expected to lead to financial setbacks for farmers and aquaculture businesses, potentially resulting in bankruptcy.
