(VOVWORLD) -Vietnamese lobster exports during the opening nine months of the year witnessed a seven-fold increase year on year to 179 million USD, with 90% generated from the Chinese market, recording a three-digit growth.
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Lobster exports to Chinese market skyrocket
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According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the spike in lobster exports has been largely attributed to high consumer demand coming from China.
The purchasing power of the aquatic product is anticipated to continue increasing in the remaining months of the year, particularly as Chinese consumers prepare for the traditional Lunar New Year holiday that falls in January 2023.
At present, the export of lobster makes up over 5% of the total shrimp export turnover.
Phu Yen and Nha Trang are home to largest lobster farms in Vietnam, with 90% of lobsters in these farming areas purchased by Chinese traders.
An enterprise operating in Ho Chi Minh City recently signed a contract to export fresh lobsters to Kunming in China, with the export volume set to reach 2,000 tons till April 2023.
The Ministry of Agriculture and Rural Development has formulated a project aimed at developing lobster farming and exports until 2025, with total farming output amounting to 3,000 tons per year and export value hitting 200 million USD annually.