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February 22, 2017
 
Vietnam shrimp prices spike before Tet holiday

An eFeedLink Exclusive
 
 
Price summary
 
Shrimp prices continued to rise in January before the Tet holiday.
 

Prices of giant tiger prawn in Ca Mau  (Expressed in VND1,000/kg)

Category (pcs/kg)

Week 1

Week 2

Week 3

Week 4

20

280

290

295

Tet holiday

30

250

255

260

Tet holiday

40

210

225

224

Tet holiday

 

Prices of whiteleg shrimp in Ca Mau  (expressed in VND1,000/kg)

Category (pcs/kg)

Week 1

Week 2

Week 3

Week 4

100

120

122

127

Tet holiday

80

135

136

137

Tet holiday

* VND1,000 = US$0.044 as of January
Source: Vasep (Vietnam Association of Seafood Exporter & Producer)

 

Market analysis
 
Shrimp prices were more active during the month of the Tet holiday due to increasing local demand. Prices of giant tiger prawn rose by the range of VND2,000 (US$0.09) to VND7,000 (US$0.30) per kilogram and the prices of whiteleg shrimp increased by the range of VND10,000 (US$0.44) to VND15,000 (US$0.66) per kilogram.

The production volume of giant tiger prawn in Jan 2017 was estimated to reach 12,000 tonnes, up 9.1% compared to the same period last year, and the volume of whiteleg shrimp was estimated to hit 15,000 tonnes, up 36.4%, of which Ca Mau accounted for 4,500 tonnes, up 40.6%; Bac Lieu to reach 1,100 tonnes, up 1.1%.
 
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam shrimp exports in 2016 hit US$3.13 billion, up 7% year-on-year. Of which, whiteleg shrimp accounted for 61% and giant tiger prawn accounted for 31%. The US maintained the leading importer position, reaching US$729 million, up 11% compared to last year. The EU export market hit US$598 million, up 9% compared to 2015. The Japan export market reached US$590 million, up 1% compared to 2015.
 

Market forecast

According to VASEP, for 2017, growth in Vietnam's shrimp exports would remain positive due to increasing demand from export markets. This is particularly so after Vietnam adopted measures to control chemical content in shrimp, use effective antibiotics, and ensure the overall provision of high quality shrimp products for demanding markets. In addition, the period 2016 to 2018 will see most new trade agreements take effect, and Vietnamese shrimp will have greater opportunities to increase market share. In comparison, shrimp production in countries such as India, Indonesia and China are expected to decrease, which would cause prices to rise by 10 to 15%.

Mr. Truong Dinh Hoe, general secretary of VASEP, expects Vietnam shrimp exports in 2017 to hit US$3.4 billion, up 9%. Of which, whiteleg shrimp would account for US$2 billion, up 8%, and giant tiger prawn US$ 900 million, up 2%.
 


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