Plummeting tuna prices push Vietnamese fishermen to the brink

After hauling in more than 20 tons of skipjack tuna during a recent 20-day trip, Le Hung Cuong, the captain of vessel BD 98860 TS based in Hoai Huong Ward, Hoai Nhon Town (Binh Dinh Province), returned not with joy, but with quiet despair. Despite the impressive catch, the drastically low market prices have left his crew with little to celebrate.

Cuong watched silently as his crew offloaded baskets of fish from the ship’s hold onto a conveyor and up to the quay at Quy Nhon Fishing Port. This voyage had been unusually successful in terms of quantity, but profitability told a different story.

“The season is almost over, and there aren’t many fish left in the sea,” Cuong explained. “We were only able to catch this much because we worked with another vessel to deploy 12 fish aggregating devices (FADs) offshore.” These devices, known locally as “cây chà”, consist of 5,000 to 6,000 meters of specialized rope, anchored by a one-ton weight on the seafloor. Suspended several hundred meters underwater, fishermen attach old nets to simulate shade, which attracts fish seeking refuge during their migration.

The cost to build each device can range from VND 100 million to 200 million, depending on water depth. “Skipjack tuna travel in schools and gravitate toward these shaded spots,” Cuong said. “We got lucky this time, catching a big school resting under the FADs.”

The fish, many of which were the size of a muscular forearm and weighed over 1 kilogram, some even over 2 kilograms, still failed to meet government-mandated export criteria. According to regulations introduced in mid-2024, only skipjack tuna longer than 50 cm can be purchased by processors for export.

“From August to January is the peak season for skipjack tuna. This was an end-of-season haul, so these fish had likely escaped previous nets and grown larger. But even so, they’re still too short for export,” Cuong noted.

While the vessel brought in over 20 tons of tuna, it only fetched around VND 500 million, barely enough to cover VND 300 million in operating costs. The payout to 15 crew members (VND 5 million each) and depreciation on the 12 FADs, worth VND 1.2 billion, further eroded any potential profit.

“I invested VND 5-7 billion in this boat, endured over 20 grueling days at sea, and came home nearly empty-handed. It’s disheartening,” Cuong sighed.

His story is echoed by Vu Thanh Hoang, another seasoned fisherman who owns five offshore fishing vessels with a combined capacity of 3,000 horsepower. “Ever since prices dropped, many vessels have lost VND 100-200 million per trip. Most are barely staying afloat,” Hoang said. “Each trip costs us over VND 1 billion, but no one is making money. If this continues, we’ll be forced to leave the sea.”

A major reason for the price plunge, Cuong explained, is the strict size restriction enforced last year. “Previously, skipjack sold for VND 30,000 per kilo, and premium fish could go for VND 32,000 to 33,000. Now, it’s just VND 20,000 to 25,000. And that’s if you can sell it at all.”

At Quy Nhon Port, Deputy Director Nguyen Anh Dung pointed to baskets of large tuna being sorted by traders. “These fish are the biggest I’ve seen in years, but they still don’t meet the 50 cm standard,” he said. “To reach 50 cm, a fish must weigh at least 4-5 kg, which is extremely rare. Even in large schools, perhaps only 5% meet the requirement.”

The result? A market clogged with unsellable tuna. “Companies won’t buy them because they can’t export them. Cold storage is limited and expensive. And if they sit on unsold stock for months, it’s a huge financial burden,” Dung explained. “Some fish bought back in June or July last year are still sitting in storage.”

In the past, traders would purchase skipjack in bulk without sorting by size, paying around VND 30,000 per kilogram. Premium fish fetched up to VND 34,000. Today, prices can fall as low as VND 18,000, making fishing trips unviable even for boats landing 20 tons of fish.

Veteran fisherman Bui Thanh Ninh, 68, from Tam Quan Bac Ward, used to own 16 offshore vessels. “Now I’m down to five,” he said. “Eighty percent of skipjack weigh just 300g to 1kg. Only 20% are over 1kg, and very few ever reach the required 50 cm. The standard is unrealistic.”

As costs rise and returns dwindle, Vietnam’s fishing communities are being pushed toward a stark decision: adapt, endure, or walk away from a way of life passed down for generations.

VFM