The prices of tra fish have plummeted since the beginning of the year with tra fish breeders facing heavy losses caused by the fall in prices.
Tra fish breeders face heavy losses from low prices.
The sharp drop in prices can be attributed to difficulties within export markets and a decline in the purchasing power of processing businesses.
Furthermore, breeders of tra fish, also known as pangasius, have been dealing with low quality tra fish fingerlings, causing breeders to incur huge losses.
In order to deal with the issue, relevant ministries and localities have devised solutions to promote sustainable development within the tra fish industry.
According to breeders in the Mekong Delta province of An Giang, the price of tra fish has been continuing to fall and has reached only VND19,000 per kilo, the lowest level seen during the past 10 years with processing firms purchasing less volume at lower prices.
Duong Nghia Quoc, chairman of the Vietnam Pangasius Association, said the tra fish industry has encountered a number of difficulties in export activities, particularly in traditional markets such as China and the US.
Challenges in traditional markets have come at the same time as several countries have erected additional technical barriers, thus affecting the export of tra fish. In late 2017 and 2018, prices enjoyed a sudden boom, leading to an increase in the aquaculture area in a number of localities nationwide.
During the first half of the year, the aquaculture area of tra fish in the Mekong Delta region surged by 8.9 per cent to over 3,900 hectares, yielding more than 644,000 tons, an increase of 7.7 per cent compared to the same period last year.
Moreover, businesses have given priority to the use of material fish in their farming areas, causing a number of difficulties in consumption.
Quoc proposed that the Ministry of Agriculture, the Ministry of Industry, and Trade should speed up trade promotional activities in major and traditional markets, mostly China, the US, and throughout other countries in Southeast Asia.
He also underlined the importance of strengthening regional connectivity in addition to the improvement of product quality, noting that the government and other relevant ministries should take drastic measures aimed at developing the tra fish industry in a sustainable manner.