Vietnamese-based Ly Son Island District is abandoning a lobster farming project started in 2015 with hopes of a 2017 harvest, but losses are estimated at $1.7 million (€1.6 million), according to Vietnam.net.
About 100,000 lobster were raised out of 62 cages, but growing losses caused many to stop after investing initially $66,000 (€61,703) per cage, according to the news site.
It was costly to transfer feed from the mainland; mortality rates were as high as 50 percent and market prices plummeted “so the farmers lost half of their investment,” said Le Van Doi, vice head of the Office of Economic and Rural Infrastructure "There are only 10 cages of lobsters left.
