According to the economic department of Van Ninh District which is among the biggest lobster hubs in the province with over 35,000 cages, lobster prices reached VND1.60 million per kilo on February 1.
Vo Van Thai, director of the Van Phong Tourism Aquaculture Cooperative said lobster prices had suddenly risen over the past few days, from VND1 million to over VND1.5 million per kilo.
"Our collective has 32 members who have raised lobsters for many years," Thai said. "We had faced losses when the prices fell to VND 1 million since last September. Luckily prices have gone up now as demand has risen."
Thai said that although they're happy to see rising prices after many months facing losses last year, local farmers are still worried about unstable prices.
The Vietnam Seafood Company previously sent an urgent document calling on local farmers to help sell Khanh Hoa lobsters after China stopped imports, leaving hundreds of tonnes of products being without a market.
