Lobster Prices Hit Rock Bottom, Farmers Suffer Heavy Losses

Vietnamese lobster exports to China surged in early 2024, reaching 70 million USD in January alone, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). Despite this, lobster farmers are facing devastating losses due to plummeting prices. Farmers in Khanh Hoa province report selling lobster for as low as 700,000 VND per kilogram, well below the profitable price of 820,000 VND. Rising feed costs and competition from other global exporters, including Australia and Canada, are contributing to the crisis. China's stricter import quality controls and shifting preferences for smaller lobster sizes further exacerbate the problem. Local officials suggest that farmers adapt to market demands while businesses explore new export markets and domestic consumption channels to mitigate losses.