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Photo: Illustrative/FIS
Skipjack Tuna Prices Plummet, Leaving Fishermen Struggling
VIET NAM
Wednesday, October 23, 2024, 09:00 (GMT + 9)
In recent months, the price of skipjack tuna has sharply declined, leaving fishermen unable to cover their costs, incurring significant losses, and forcing many to keep their boats moored, reports the Vietnamese local media outlet, Nong Nghiep.
Dramatic Price Drop
For nearly a month, the KH 93377 TS trawl fishing boat, operated by fisherman Huynh Van Cam from Vinh Phuoc ward in Nha Trang city (Khanh Hoa), has been docked due to unprofitable conditions resulting from falling skipjack tuna prices.
Mr. Cam noted that prior to September, warehouses were purchasing skipjack tuna at a stable price of approximately 30,000 VND per kilogram. However, prices have now plummeted to between 19,000 and 20,000 VND per kilogram, creating severe financial difficulties for fishermen who are struggling to cover their operating costs and face the risk of substantial losses.
Fishermen in Khanh Hoa Province enjoy bumper catch of skipjack tuna. (Photo: SGGP)
On a recent trip, Mr. Cam's boat returned to Hon Ro fishing port in Nha Trang with a yield of 15 tons of skipjack tuna after spending over 20 days at sea in the Truong Sa fishing grounds. He had anticipated a profit similar to previous trips when the fish was selling for 30,000 VND/kg, allowing him to recover equipment depreciation and living expenses. Instead, with the price of skipjack tuna down by about 10,000 VND/kg and shad selling for only 12,000 VND/kg—an 8,000 VND decrease—his trip cost approximately 300 million VND, resulting in nearly 100 million VND in losses.
“I asked the wholesalers why the prices had dropped so low, and they said they were importing for businesses that no longer wanted to buy at higher prices,” Mr. Cam explained.
 At Hon Ro fishing port, many trawlers were seen returning with yields of 8 to 10 tons. However, due to the low skipjack tuna prices of 19,000 to 20,000 VND/kg, boat owners lamented that they were unable to turn a profit, given that the costs for a sea trip range from 200 to 300 million VND, depending on the vessel's size.
The leader of the Hon Ro Fishing Port Management Board confirmed that the combination of low fish prices and rising operational costs has created significant challenges for boat owners. As a result, many fishermen have been forced to leave their trawlers moored at the docks during recent trips.
Causes of the Price Decline
Mr. Vu Dinh Dap, Chairman of the Vietnam Tuna Association, indicated that the price of skipjack tuna has been decreasing over the past two months across various regions. With current prices below 30,000 VND/kg, fishermen are already facing financial difficulties, and the situation has worsened with prices now around 20,000 VND/kg.
The primary reason for this steep decline in prices, according to Mr. Dap, is due to Decree No. 37/2024/ND-CP, which amends certain articles of Decree No. 26/2019/ND-CP. This new regulation stipulates that only skipjack tuna measuring at least 500 mm (50 cm) can be harvested. However, the actual catch of skipjack tuna meeting this size requirement is alarmingly low, at just 3-5%.
As a result of Decree 37, processing and exporting enterprises that purchase skipjack tuna smaller than the mandated size will not receive certificates of raw materials from fishing ports. Consequently, enterprises have reduced their purchases, leading to a significant backlog of unsold fish. Moreover, domestic consumption of skipjack tuna is limited, with the majority being processed into canned goods for export.
"According to recent statistics, Vietnam's annual skipjack tuna catch ranges from 60,000 to 80,000 tons, with two-thirds to three-quarters processed into canned products for export. In 2023, the export turnover of canned tuna was projected to exceed 400 million USD. If this situation had not arisen, the export figures would likely have been even higher," Mr. Dap stated.
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