hrimp prices are on the up after a drop in price during the second quarter of this year. - Photo cafef.vn

Shrimp prices are recovering following a drop during the second quarter of this year and are expected to maintain an uptrend in the future, according to the Viet Nam Association of Seafood Exporters and Producers (VASEP).

The recovery is due to increasing demand on the global market, so domestic shrimp prices are expected to continue increasing.

Since early June, the price of shrimp of all sizes has increased by thousands of Vietnamese dong against the end of May. Prices have risen from VND89,000 to VND140,000 per kilo of 70 units of shrimp; VND93,000 to VND108,000 per kilo of 60 units of shrimp and VND101,000 to VND113,000 per kilo with 50 units of shrimp, reported cafef.vn.

Meanwhile, shrimp prices in major producers such as China, India and Thailand have also surged in the week from May 28 to June 2, 2018 against the previous week, according the shrimp panel at the Global Seafood Market Conference (GSMC).

Relevant offices say that the prices of shrimp are recovering and they are predicted to continue so farmers rearing shrimp should not sell huge amounts of small shrimp, instead wait until they are larger. Larger shrimp have higher selling prices.

In addition, farmers should manage the stages in the shrimp production process to reduce production costs, improve the value of shrimp and increase efficiency in production.

According to VASEP, Viet Nam’s shrimp exports dropped slightly by 7.4 per cent year-on-year to US$868 million in the second quarter of this year after the growth of 20.2 per cent in the first quarter of this year.

The reduction in shrimp export value was due to lower shrimp prices. From April to mid-June, white-leg shrimp prices declined sharply by 20-30 per cent depending on size of shrimp to VND110,000-VND120,000 per kilo with 60-70 units of shrimp and VND85,000-VND90,000 per kilo with 100 units. – VNS