Shrimp demand rises but Vietnamese processors lack materials

Fearing a slump amid the epidemic, Vietnamese farmers are hesitating to begin new shrimp hatchery crops.

Meanwhile, shrimp demand is increasing rapidly in the world.


Farmers have been urged to begin new hatchery crops as shrimp products now can be exported for good prices. Farming should start as soon as possible, or a serious material shortage will occur, because shrimp hatchery crops last 90-100 days.

Shrimp demand rises but Vietnamese processors lack materials



In mid-February, when Covid-19 became more complicated in Vietnam, border gates were closed temporarily and farmers lost export markets. Some days later, the ‘farm produce rescue’ movement kicked off, calling on Vietnamese consumers to buy dragon fruit, water melon and shrimp to rescue farmers.

At that moment, ocean lobster, blue lobster and baby lobster were bought by domestic retailers and consumers at prices 50 percent less than usual prices.

Farmers have been urged to begin new hatchery crops as shrimp products now can be exported for good prices. Farming should start as soon as possible, or a serious material shortage will occur, because shrimp hatchery crops last 90-100 days.
 

The rescue movement partially helped ease losses for farmers. However, the worry about the epidemic and markets still persists.


Vietnam National Television (VTV) reported that farmers in Mekong Delta are hesitating to breed shrimp. They farm on a modest scale for fear of slow sales.

Rumors have also caused shrimp farmers to shrink back.

“Rumours say clients have stopped buying shrimp, while banks have stopped providing loans to fund shrimp farming and it is impossible to sell shrimp. Therefore, farmers dare not breed shrimp now,” said Truong Huu Thong, chair and general director of Thong Thuan Co Ltd.

Farmers also have read false information on the internet which says Vietnam has stopped exporting shrimp to Europe, Japan and the US.

In fact, shrimp prices are very good.

The director affirmed that Vietnam’s shrimp exports have recovered. The country exported $617 million worth of shrimp products in Q1, a slight increase of 0.77 percent over the same period last year.

Meanwhile, brackish water shrimp exports brought turnover of $383.391 million in the first two months of the year, an increase of 2.6 percent. Large markets have increased imports from Vietnam.

Thong Thuan exports $8 million worth of shrimp products each month and needs 40-50 tons of materials each day. However, the material is in short supply.

The director of a seafood processing company said his workshop needs 30-40 tons of materials each day. “It was very easy to buy shrimp with 20-30 shrimp per kilogram, but it is scarce now,” he said.

According to Dang Van Hien, director of Truong Phu Seafood JSC in Bac Lieu province, the shrimp price increased by 7-10 percent within one month.

Linh Ha 

Vietnam’s capital of shrimp farming

Vietnam’s capital of shrimp farming

The southernmost provinces of Ca Mau and Bac Lieu have recently emerged as Vietnam’s largest shrimp exporters, helping Vietnamese shrimp secure a foothold on the world seafood market.

Pandemic has little impact on Vietnam’s shrimp exports

Pandemic has little impact on Vietnam’s shrimp exports

The domestic shrimp industry has not faced a great impact from the COVID-19 because now this industry is under production and Vietnam will enter its shrimp harvesting crop in August.

 
 

Other News

.
Vietnam’s logistics industry hit hard by Covid-19 pandemic
Vietnam’s logistics industry hit hard by Covid-19 pandemic
BUSINESSicon  28/06/2020 

The Vietnamese logistics industry is among those hit the hardest by Covid-19, as the unpredictability and duration of the pandemic have presented multiple challenges in both the short and long terms, 

Major businesses undergo slow recovery after Covid-19
Major businesses undergo slow recovery after Covid-19
FEATUREicon  28/06/2020 

Despite the positive business results witnessed in the early months of the year, many listed companies have been cautious with their pre-tax profit targets.

Limit on capacity continues to hinder solar panel installation
Limit on capacity continues to hinder solar panel installation
BUSINESSicon  28/06/2020 

With the rising prices of electricity pushing many enterprises and households to install rooftop solar panels that partly help reduce electricity bills, the cap on solar power capacity is hindering the process.

Petrolimex pushes for PGBank-HDBank merger before Aug 31
Petrolimex pushes for PGBank-HDBank merger before Aug 31
BUSINESSicon  27/06/2020 

Petrolimex, which holds a 40% stake in the Petrolimex Group Commercial Bank (PGBank), sought to complete the merger between PGBank and the HCMC Development Bank before August 31, said the Vnexpress website.

Energy revolution
Energy revolution
BUSINESSicon  28/06/2020 

The first solar panel, which was invented by French physician Alexandre Edmond Becquerel in 1839, has become a significant watershed for the energy sector in the future. 

FDI inflows drop 15.1 percent year on year in first half
FDI inflows drop 15.1 percent year on year in first half
BUSINESSicon  27/06/2020 

Vietnam recorded a year-on-year decrease of 15.1 percent in foreign direct investment (FDI) inflows to 15.67 billion USD as of June 20, according to the Ministry of Planning and Investment (MPI).

WB debars Vietnamese firm for collusive and fraudulent practices
WB debars Vietnamese firm for collusive and fraudulent practices
BUSINESSicon  27/06/2020 

The World Bank Group has announced the seven-year debarment of Vietnam-based Sao Bac Dau Technologies Corporation (SBD) in connection with collusive and fraudulent practices under the Danang Sustainable City Development Project

The worst is yet to come for Vietnam's tourism
The worst is yet to come for Vietnam's tourism
BUSINESSicon  28/06/2020 

Vietnam may have seen an over 50% decline in the number of tourist arrivals over the past five months due to Covid-19 but the situation is only expected to worsen, as the crisis has been forecast to reach its peak in the next few months, 

Coca-Cola suspends social media advertising despite Facebook changes
Coca-Cola suspends social media advertising despite Facebook changes
BUSINESSicon  27/06/2020 

The company condemns racism and seeks more accountability from Facebook and other platforms.

Hanoi attracts US$17.6 billion for 229 projects
Hanoi attracts US$17.6 billion for 229 projects
BUSINESSicon  27/06/2020 

Hanoi is going to present investment certificates for 229 projects with a total value of US$17.6 billion and sign 38 memoranda of understanding worth a combined US$28.6 billion, according to the Tuoi Tre Online website.

Vietnam prepares to resume international flights
Vietnam prepares to resume international flights
BUSINESSicon  27/06/2020 

It is still unclear when Vietnam will reactivate international flights and reopen its market to foreign travelers, but agencies and travel firms all are making hectic preparations.

Vietnamese businesses burdened with taxes, FIEs at ease with tax exemptions
Vietnamese businesses burdened with taxes, FIEs at ease with tax exemptions
BUSINESSicon  29/06/2020 

Studies have found that Vietnam’s taxation system offers many incentives to foreign invested enterprises (FIEs), but puts an increasingly heavy burden on Vietnamese enterprises and people.

Banks’ support desired for mobile payments
Banks’ support desired for mobile payments
BUSINESSicon  26/06/2020 

New approaches, especially regarding activities of banks, are required to boost the reach of mobile money agents and expand financial inclusion in Vietnam.

Authorities get to grips with new bad debt mountain
Authorities get to grips with new bad debt mountain
BUSINESSicon  27/06/2020 

A spike in the amount of bad loans sitting in banks’ books has triggered Vietnamese authorities to seek new paths to recovery,

Debt limit to be adhered to despite bumps in road
Debt limit to be adhered to despite bumps in road
BUSINESSicon  26/06/2020 

In spite of a dent in state budget revenue and a rise in spending this year causing a big fiscal deficit, the government will be able to retain the country’s public debt situation, ensuring national financial security.

Coronavirus: Qantas to axe 6,000 jobs due to pandemic
Coronavirus: Qantas to axe 6,000 jobs due to pandemic
BUSINESSicon  26/06/2020 

The airline says the collapse in billions of dollars of travel revenue means it has "little choice".

Bayer to pay $10.9bn to settle weedkiller cancer claims
Bayer to pay $10.9bn to settle weedkiller cancer claims
BUSINESSicon  26/06/2020 

The chemical giant is settling almost 100,000 US lawsuits from users of its popular Roundup herbicide.

Olympus quits camera business after 84 years
Olympus quits camera business after 84 years
BUSINESSicon  26/06/2020 

Once a huge camera-maker, it is looking to carve off that part of its business and focus elsewhere.

COVID-19-induced uncertainty continues to drag on emerging East Asian bonds
COVID-19-induced uncertainty continues to drag on emerging East Asian bonds
BUSINESSicon  26/06/2020 

The coronavirus (COVID-19) pandemic continues to drag on local currency bond markets in emerging East Asia, including Viet Nam, as investment sentiment globally and in the region wane and containment measures limit economic activity.

Finance ministry says public investment funds borrowed from abroad must be disbursed quicker
Finance ministry says public investment funds borrowed from abroad must be disbursed quicker
BUSINESSicon  26/06/2020 

Loans borrowed from abroad for public investment must be disbursed quicker if Vietnam is to recover economically from the impacts of the coronavirus pandemic, according to the Ministry of Finance.

 
 
 
Leave your comment on an article

OR QUICK LOGIN