A seven-fold year-on-year increase in lobster exports to China netted revenues of $179 million in the first nine months of the year.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), China accounted for 90% of Vietnam’s total lobster exports in the first nine months.
VASEP communications director Le Hang said China’s demand for seafood is set to increase with the Lunar New Year festival season coming up.
She said lobsters account for more than 5% of Vietnam’s total seafood exports yearly.
A fall in lobster production after aquaculture areas were affected by recent storms and floods. Retail prices of lobsters currently stand at VND1.3-2 million ($52.4-80.6) per kilogram, up 10% against over October.
Some 90% of lobsters raised in the two central localities of Phu Yen and Nha Trang, the two biggest lobster aquaculture areas in Vietnam, are exported to China via border trade.
Recently, a business in HCMC signed a contract to export 2,000 tons of live lobsters to the Chinese city of Kunming.
Under the agriculture ministry’s plan, Vietnam will raise 3,000 tons of lobsters for an annual export turnover of around $200 million yearly.
According to VASEP, the country earned nearly $3.4 billion from the export of lobsters, prawns, and shrimps in the first nine months, up 23% year-on-year.