Farmers in Mekong Delta rush to sell shrimp as price falls

Update: May, 23/2018 - 14:00
The Ministry of Agriculture and Rural Development has advised farmers to not sell white-legged shrimp at low prices to avoid financial loss. — Photo
Viet Nam News

MEKONG DELTA — The Ministry of Agriculture and Rural Development has warned shrimp farmers to remain calm and refrain from selling large batches of white-legged shrimps which have been dropping in price.

Due to concerns about falling prices, many farmers in the Mekong Delta have been selling the shrimp at a low price.

The price of 100 white-legged shrimp per kilo in Sóc Trăng Province is now VNĐ70,000-80,000 (US$3.07-3.51), a drop of VNĐ20,000-30,000 compared to earlier this year. The price of 60 white-legged shrimp per kilo is now only VNĐ100,000.

At these prices, shrimp farmers can only break even or have little profit.

Võ Văn Nhựt, a shrimp farmer in Mỹ Xuyên District in Sóc Trăng Province, for example, said the latest crop had lost more than VNĐ10 million.

According to experts, the price has been low because several processing companies have been importing smaller shrimps and exporting them, especially to companies in the Chinese market.

In addition, local processing plants are facing fierce competition when exporting to the US market because of cheaper Indian shrimp exports. — VNS