And some might have found one. Fishermen have turned to farming mangrove crabs in the mangrove forests in their neighborhoods.
For the fishermen at Wana Sari, in the south of Denpasar, it was not easy to change from fishing to crab farming. Not only did the lack of know-how present a problem, but the farm also requires Rp 25 million to Rp 35 million ($2,600 to $3,700) to start. They need at least 10 fishing nets for a farm, each costing about Rp 2.5 million. They also need to build a proper cage for each crab to grow. It comes as no surprise that of more than 100 fishermen in the area, only 45 were willing to change their line of work.
It was only in March of last year that they began to establish these crab farms. The fishermen organized themselves into groups and all chipped in to build a farm. There are now five groups, and each owns a hectare of crab farm in the mangrove forest in Wana Sari.
“We sell these crabs alive to Jakarta and Singapore, and buyers usually buy a minimum of 200 kilograms,” said Made Sumasa, the head of the fishermen’s association at Wana Sari.
It takes between 20 and 30 days for a crab to grow. The fishermen usually buy a ton of seeds for each group, which results in about 500 kilograms of crabs.
The first time they sold crabs, which was last year, they made a profit of 30 percent. So Made and his friends decided to maintain their crab farm.
It soon become clear that crab farming is more promising because there is no risk of going home empty handed, unlike fishing. Made said they need to plant more mangroves to make sure that the crabs have the perfect habitat.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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