Crocodile breeders in the southern province of Dong Nai have undergone a loss of at leastVND600,000-700,000 a crocodile because of consumption shrink, excessive supply and price drop.
The price fell to VND50,000 a kilogram, down VND130,000 over the peak level of 2016, in Vinh Cuu, Thong Nhat and Trang Bom districts yesterday.
According to traders, the plunge has been caused by demand reduction from China, the consumption market of 90 percent of crocodiles from Vietnam. Meanwhile export to other nations has been not easy.
Moreover, many households in the province changed into breeding crocodiles when the price was stable and profitable three years ago, resulting in excess of supply over demand now.
By the end of 2014, the province had 229 farms supplying 127,000 crocodiles. The numbers have rocketed to 400 farms and 200,000 crocodiles so far.