The slump in prices of shrimp has resulted in farmers make no profit, many of them have to empty their ponds and wait for price to increase.
After just one week, the price of shrimp decreased by 50%, according to local farmers. Once 300,000 dong/kg for black tiger shrimp size 30 pcs/kg in the Tet run-up, it is now paid 130,000-150,000 dong/kg by traders, down 50%. If compared to the same period last year, the price of black tiger shrimps (depending on sizes) fell from 100,000 to 150,000 dong/kg. Prices of white leg shrimp on pond liner (size 100 pcs/kg) are ranging at 75,000-80,000 dong/kg (down nearly 25,000 dong/kg).
As of late Mar., 2020, provincial farmers stocked shrimps in 115,572ha with more than 1,800ha being damaged.
As forecasted, the price of shrimp will inch up since sales contracts signed by exporting companies and their foreign partners will be fulfilled as normal. The provincial Agriculture and Rural Development department will cooperate with relevant units to understand the situation and give recommendations of the stocking time and stocking density.
General Director of the Directorate of Fisheries Trần Đình Luân said that to help farmers overcome challenges, the provincial government must consider the ongoing demand, supply and prices of shrimp in markets so that a suitable plan can be produced. Distribution channels must be developed to boost the domestic shrimp market. Trade promotion must be carried out to introduce shrimp products in traditional markets and potential markets to boost consumption. Supply value and monopoly sales must be developed for sustainable shrimp industry and enhancement of Vietnamese shrimp trademark.