Islanders abandon lobster farming
Seafood farmers in Ly Son Island, Quang Ngai Province, have suffered billions of dong in losses after their lobsters died and prices dropped.
In 2015, people in Ly Son Island District began setting up lobster farms. About 62 cages with 100,000 lobster were raised. They hoped that the lobsters could be harvested in early 2017 and bring in billions of dong in profits.
However, this bright future proved a mirage, and they are now incurring huge losses and many people plan to abandon the farms.
Unfortunately, the farmers face huge losses because the mortality rate went up as high as 50% and market prices sharply decreased.
"A kilo of lobster is sold at VND1.5m (USD66) so the farmers lost half of their investment. There may be a lot of reason for high mortality rate, one of which is low-quality breeds," Doi said.
Initial statistics show that the farmers in Ly Son Island have incurred over VND40bn (USD1.7m) in losses. Many people now no longer want to raise lobsters.
"There are only 10 cages of lobsters left. Most people have sold their lobsters to find another job," Doi said.
In 2015, people in Ly Son Island District began setting up lobster farms. About 62 cages with 100,000 lobster were raised. They hoped that the lobsters could be harvested in early 2017 and bring in billions of dong in profits.
However, this bright future proved a mirage, and they are now incurring huge losses and many people plan to abandon the farms.
Islanders abandon lobster farming
Unfortunately, the farmers face huge losses because the mortality rate went up as high as 50% and market prices sharply decreased.
"A kilo of lobster is sold at VND1.5m (USD66) so the farmers lost half of their investment. There may be a lot of reason for high mortality rate, one of which is low-quality breeds," Doi said.
Initial statistics show that the farmers in Ly Son Island have incurred over VND40bn (USD1.7m) in losses. Many people now no longer want to raise lobsters.
"There are only 10 cages of lobsters left. Most people have sold their lobsters to find another job," Doi said.
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