Vietnam is cashing in on rock lobster imports from Australia, which are selling cheaper than local lobster. The same applies to frozen imports from Alaska which are costing as little as VND 600,000 ($24.53) per kilo.

Ever since China cut off Australia’s lobster market in 2023, Vietnamese buyers have stepped into the void with record imports. In 2023 alone, all lobster imports from the overseas to Vietnam reached VND 12.2 trillion ($500 million).

Aussie lobster orders contributed a portion of the above import expenditure by Vietnam. In the first 9 months of 2023,  imports from Australia hit $33.3 million,  a growth of 138% from Quarter 3, 2022.

It is the pricing vis-á-vis quantity, however, that is driving seafood customers by the droves to retailers of Western Australia’s rock lobster. 

A fresh crustacean weighing between 0.9 and 1.2 kg is costing as little as VND 1.2 million ($49.07) a kg. Its highest cost does not cross VND 1.3 million ($53.16) a kg. In comparison, a domestic tropical rock lobster is fetching up to VND 1.8 million ($73.60) per kg when available.

Customers in populous Hanoi would also rather go for fresh lobster from Alaska than pricier local ones. The Alaskan imports are selling at VND 1.2 million ($49.07) per kg, less than sixteen dollars the domestic catches. Indeed, the Vietnamese spiny lobster, weighing 500g apiece, is currently going for VND 1.6 million (65.42) a kg.

The respite for lobster lovers lies in the fact that small crustaceans cost much less per kilogram than their bigger fellows. The same goes for frozen imports whose lesser weight and quality impact their prices. For  instance, frozen lobster from Alaska is currently costing no more than VND 600,000 ($24.53) per kilo. Alternatively, small lobsters cost, at most, VND 900,000 ($38.85) per kg.

Vietnam serves as dual consumer and export market for lobster products in fresh, frozen and prepared modes. 

In December, 2023, China dealt a blow on a thriving Vietnamese lobster export business when it enforced stipulations on ordering only lobster raised from larvae. The regulation came just after Vietnam had exported $76 million worth to China in the first quarters of 2023. China is the country’s largest lobster export market.

For now, Australia remains a key Asia-Pacific source of lobster from overseas to supplant rising seafood appetite within Vietnam.