Measures are needed to help Vietnam’s shrimp industry recover as prices and export orders have continued to fall while production costs have headed upwards, causing heavy losses for farmers.

The price of shrimp was down 40 per cent in early June compared to April, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

It said the falling price is the result of fewer exports, with orders down 20-50 per cent.

Purchasing power in key markets such as the EU and the US has declined due to rising inflation.

Shrimp exports in the first four months reached only $892 million, a year-on-year fall of 44.1 per cent, figures from VASEP show.

In order to help boost exports this year, many analysts believe it is necessary to adopt measures to manage and stabilize input costs and issue mechanisms and policies to support enterprises and form material production zones to help local producers ease their dependence on imports.