Thanks to the strong increase in lobster exports to China, shrimp exports in general rose by 24% in January 2025.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in January, lobster exports to China reached a turnover of 70 million USD, an increase of 9 times compared to the same period in 2024, and accounted for nearly half of the total export turnover to China.
Thanks to the significant increase in lobster exports to China, overall shrimp exports rose by 24% in January. It is known that lobster exports to China exploded in 2024 and continued to rise sharply in January this year.
The strong increase in lobster exports has helped the total seafood export turnover reached 774 million USD in January, up 3% compared to the same period in 2024.
Lobster exports to China have increased sharply.
Crab exports to China in January also saw a significant increase, with 18.5 million USD, 18 times higher than the same period last year. In addition to lobsters and crabs, in the first month of this year, China strongly increased its imports of fresh seafood such as clams and snails for the high-end segment during the Tet holiday.
Currently, lobsters are being sold at 700,000 VND per kg, the lowest price in the past three years (while the price must reach 820,000 VND per kg to have a profit). At this price, each ton of shrimp results in a loss of hundreds of millions of dong for farmers.
Explaining the drop in lobster prices despite increased exports, the VASEP believes the main reason is that supply exceeds demand. After the holiday season, the decrease in consumption demand makes the drop in lobster prices understandable. Besides, with China being the largest export market, Vietnamese lobsters are facing fierce competition from many countries.
In the past, Vietnamese lobsters had a unique advantage, but now the supply from Australia, Canada, and the US is becoming increasingly abundant with competitive prices. Especially after China lifted the ban on importing Australian lobsters, Vietnam’s market share continued to shrink.
Not only that, Southeast Asian countries like the Philippines, Indonesia, or Malaysia are currently exporting spiny lobsters, a product line similar to Vietnamese goods but at more attractive prices. Meanwhile, China is increasingly tightening import quality control, causing Vietnamese goods to face continuous competition and price reductions and making it difficult to have a stable output.
According to the VASEP, in the long term, businesses need to have appropriate strategies to compete on price and quality to promote the Vietnamese lobster brand. In addition, instead of depending on the Chinese market, businesses can explore various ways, such as developing the domestic market and exporting through official channels to other countries with the support of relevant authorities.