Business
Vietnam market sees sharp lobster prices drop
  • | tienphong, dtinews.vn | November 01, 2019 07:03 AM
Many kinds of lobsters in the Vietnamese market including Alaska and Canadian lobsters are seeing sharp falling prices with the US-China trade war is to blame.


  

Vietnam market sees sharp lobster prices drop


Since early October, many seafood shops and markets in Hanoi have started lowering lobster prices. The falling prices are blamed on the US-China trade war since imported lobsters from the US already have a low price of VND400,000 (USD17) to VND550,000 per kilo since July.

Hoang Long, a shop owner in Nam Tu Liem District, said in previous years, common rock lobsters cost VND800,000 (USD35) to VND950,000 per kilo and tropical rock lobsters cost VND1.8m to VND1.9m per kilo. But now the prices for common rock lobsters and tropical rock lobsters have dropped to VND500,000 to VND600,000 and VND1m to VND1.3m respectively.

The Canadian lobsters at seafood shops along Huynh Thuc Khang Street used to have the prices of VND349,000 (USD15) per lobster (weighing around 350 - 400 gram) but now their prices dropped to VND240,000. The shop owners said due to lower prices, sales doubled so they were importing more in order to meet demand.

Nguyen Co, a shop owner in Cau Giay District, said they were having a 10% discount programme.

"Both local and imported lobsters are being discounted. The 500-900 gram Alaska lobster is being sold at VND700,000 (USD30) per kilo," he said.

According to Vietnam Customs, in the first six months of 2019, about 3.7 tonnes of Alaska lobsters were imported into Vietnam that worth USD27,526. Those lobsters are mostly from Japan and Indonesia. However, the importers can also use a different name to import the lobsters.

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