Source: Socialist Republic of Vietnam
The selling price of Ca Mau shrimp has been gradually increasing again, though not as expected by farmers after prices fell due to narrowed export markets.
The price of white leg shrimp currently stands at VND86,000 per kg, nearly 20% higher than that in mid-March.
However, black tiger shrimp, one of the key shrimp products in Ca Mau, is being sold at low price at approximately VND175,000 per kg of 20 shrimp and VND145,000 per kg of 30, a slight increase of VND10,000-VND15,000 per kg compared to the tough times during March.
Before the pandemic, black tiger shrimp were sold at VND245,000 per kg of 20 shrimp and VND180,000 per kg of 30.
Processing plants increasing the purchasing prices of shrimp to keep a reserve for export, in addition to the scarcity of raw materials and severe drought, has contributed to the rise in shrimp prices.
The local authorities are promoting measures to recover the shrimp farming and markets as the shrimp sector relates to the income and life of 70% of population in the province.
Vietnam posted US$872.8 million worth of shrimp exports in the first four months of this year, up 2.9% over the same period last year, and the export of shrimp products is expected to continue to surge in May, according to Vietnam Association of Seafood Exporters and Producers.
Vietnamese shrimp exports are forecast to have many opportunities after the pandemic as the main rivals including India, Ecuador, Thailand, and Indonesia are being placed under blockade, making orders shifted to Vietnam.
Additionally, the upcoming effectiveness of the EU-Vietnam FTA will help Vietnamese shrimp industry to compete better in the EU.