An Economic Efficiency Analysis of Aquaculture Farms in Bai Tu Long Bay in a 20 - Year Cylcle

Aquaculture is one of the main commodity production industries, playing an important role in a coastal country like Vietnam. The objective of this study is to evaluate the economic efficiency of aquaculture farms using cost-benefit analysis (CBA) and sociological survey interviews in Bai Tu Long area. A total of 51 household and aquaculture cooperative questionnaires were used to evaluate the economic efficiency of 4 typical aquaculture farms over a 20-year period. The results showed that the grouper farm had the highest investment capital but the lowest efficiency (B/C = 1.05; Pnpv = 0.01). In contrast, clam, snail and oyster farms have lower investment capital than fish farms but higher efficiency, especially clam farms (B/C = 1.82; Pnpv = 0.47), followed by snail farms (B/C = 1.43; Pnpv = 0.27) and oyster farms (B/C = 1.37 AND Pnpv = 0.19). The analysis results are an important information base providing aquaculture farmers with appropriate adjustments to maximize the benefits of the farms, and policy managers can also make reasonable decisions and recommendations to ensure the sustainable development of the aquaculture industry in the future.