Experts projected at a conference on June 3 that the selling prices of white-leg shrimps would bounce back in August-September following the recent price decreases and domestic firms’ deals signed.
Some shrimp enterprises revealed that they had signed big deals to provide shrimp for the major events at the end of this year. Some competitors of Vietnamese shrimp like India, Bangladesh, and Thailand completed their harvest and planned to reduce shrimp farming due to losses, which could decrease the global shrimp supply in the third and fourth quarter of this year. Furthermore, the U.S. and some other major shrimp importers of Vietnam are estimated to have great demand, especially at the end of the second quarter or the beginning of the third quarter of this year.
Sharing the same optimistic outlook about the shrimp prices, Minister of Agriculture and Rural Development Nguyễn Xuân Cường advised local farmers to be patient and focus more on shrimp farming procedures to develop the shrimp sector sustainably. In addition, experts also proposed local farmers should develop shrimp farming areas with lower density and agencies should seek measures to build the Vietnamese shrimp brand.
Earlier in the first quarter of this year, white-leg shrimp prices declined 10% on year. The prices continued to fall to VND 110,000 – VND 120,000 a kilogram in April, a decrease of VND 10,000 – VND 20,000 a kilogram from March. From May to date, the figures hit a two-year record low in the Mekong Delta region.