Since last year gas prices have gone up by 60 percent.

For a three-month trip for a pair of fishing boats, fuel alone cost VND320 million to VND480 million ($20,000 to $30,000), a ship owner who has just lost VND100 million ($6,250) on one such trip, said.

Tran Van Tan, another owner, said a trip that fetched a profit of over VND100 million ($6,250) last year caused a loss now.

As a result, many owners are wary of going out to sea. In Ba Ria-Vung Tau province’s Phuoc Tinh port alone, some 30 large vessels lie idle. Nguyen Van Beo, after a recent three-month fishing trip, lost over VND70 million ($4,375).

“I don’t know when I can afford to go fishing [at sea] again. Selling ships is not easy,” he said.

Tra Trung, who used to own four boats, recently had to sell one of them for just VND120 million ($7,500), or one tenth of its cost.

“If I don’t sell it, how can I raise money for my [fishing] trips?” he asked.

“If ships lie idle for a long time, their owners will surely go bankrupt,” another fisherman said.

Source: Tuoi Tre – Translated by Hoang Bao