Imported lobster prices are likely at the bottom in Vietnam

Việt Nam is importing more and more goods from the US, especially with prices falling sharply as a result of that country’s trade war with China and the Covid-19 pandemic.

The US is one of Việt Nam’s largest sources of goods and its imports are increasing, according to the General Department of Customs. Last year the imports were worth US$14.36 billion after rising by 18 per cent, including $4.85 billion worth of computers, electronic products and components, a 59.1 per cent rise.

Other imports set to rise this year are seafood and feed ingredients imported as prices drop due to the US-China trade war and the Covid-19 pandemic. With the US’s lobster exports to China falling, so have prices, and so imports by Việt Nam have been increasing sharply. Lobster weighing 1.3-3 kg now cost only VNĐ750,000 per kilogramme to import compared to VNĐ900,000-1 million usually. People are not eating out much because of the Covid-19 scare, and so supply to restaurants has decreased but on the other hand the number of people cooking lobsters at home has increased.

Meanwhile, domestic raw shrimp prices have plummeted in the Mekong Delta since global demand has been hit severely by the COVID-19 pandemic. White leg shrimp of 100 shrimp per kilogramme size now cost VNĐ65,000 – 70,000 (US$2.74 – 2.95), around VNĐ20,000 – 25,000 less than a year ago.