Opportunities and challenges in lobster marine aquaculture in Vietnam : the case of Nha Trang bay

Abstract

In recent years, after the disease outbreak occurred in 2007-2008 and the typhoon happened in 2009, there is a phenomenon that farmers in Nha Trang bay limit their cages for lobster culturing and transform gradually to culture marine finfish. Additionally, a new regulation of the Government was introduced from 2010 in the bay. Threats from disease outbreaks and natural disaster, pressures from costs increase and devaluation from middlemen are unbearable to farmers. Still they do overcome these obstacles and continue their farming in the changing economic conditions nowadays. This paper estimated nitrogen loadings and profitability under these circumstances to find out what factors influence on this career in Nha Trang bay. In order to explain, a model was built, and results were derived based on 60 observations of lobster farms in Nha Trang bay within March 2012. By a simple econometrics model, the role of parameters such as environment, stocking density, culture time, number of cages, costs related to operation such as seed cost, feed cost, antibiotics and vitamin use, capital source, species composition was descriptive in this profit estimation. Moreover, opportunities and challenges are defined in this career to farmers. One of the results found, is that the new regulation introduced was well received. Profitability of farms was found with an average of benefit cost ratio of 30.1% and an average of 30% in internal rate of return.