Crab price highest in 5 years
Crab price highest in 5 years
The price of commercial crabs in Bac Lieu Province as well as in other provinces in the Cuu Long (Mekong) Delta region has reached a record high since early this year.
The current price is double the price at the end of 2017.
The price rose sharply before, during and after the Tet (Vietnamese Lunar New Year) holiday. During Tet, a kilo of crab was priced at VND800,000, up by VND400,000 compared to the end of last year.
Huynh Thanh Huong, a farmer in Nha Mat Ward, Bac Lieu City, said the current crab price in the province is the highest in the past five years. He said just before Tet, there was a fever spreading among the crabs, which resulted in low supply in the market.
He said with the current price hike, farmers rearing crabs have gained high profits.
According to the Bac Lieu Province’s Department of Industry and Trade, the strong increase in crab prices in the past few days is due to low supply and high demand in both local and export markets. This season, however, is not suitable for harvesting crabs.
Meanwhile, provincial authorities have cautioned farmers to assess the situation carefully before investing in crab-rearing in the hope of making high profits. This will avoid over-supply in future, leading to a reduction in the current selling price. The authorities also suggested farmers not to rear low-quality crabs in poor production conditions, which will also lead to a fall in price.
Bac Lieu has an aquaculture area of some 130,000ha, most of which is used for farming shrimps and crabs.
