February 21, 2025

 

Vietnam's shrimp exports rose by 13% in value in January

 

 

Vietnam's shrimp export industry has kicked off 2025 with impressive growth, solidifying its position as a key player in the domestic seafood export market.

 

According to data from the Vietnam Association of Seafood Exporters and Producers (VASEP), shrimp products recorded a strong 13% increase in export value in January 2025, reaching a total of US$273.3 million. This growth accounted for 35.3% of Vietnam's total seafood export turnover, contributing significantly to the country's overall seafood export performance.

 

In total, Vietnam's seafood export turnover in January 2025 amounted to US$774.3 million, reflecting a modest 3.3% increase compared to the same period in 2024.

 

In 2025, the shrimp industry aims to gain the export value of US$4.3 billion, an increase of about US$300 million year-on-year, according to Tran Dinh Luan, deputy director general of the Directorate of Fisheries, under the Ministry of Agriculture. It also expects to see strong growth in exports to potential markets, such as Australia, the Middle East, the United Kingdom and South Korea.

 

Luan remarked that in 2025, there were more positive signs in shrimp export, including the recovery of major markets including the United States, Japan and the European Union, as Vietnam's sales were expected to rise. Notably, changes in US tax policies for countries like Ecuador and China could create export opportunities for Vietnam.

 

VASEP cited information from Rabobank, saying that the global shrimp market is currently undergoing a rebalancing phase, as leading shrimp-producing countries have begun to slow down their production growth. This is expected to narrow the gap between supply and demand, helping to stabilise shrimp prices in the first half of 2025.

 

This trend could be beneficial for shrimp prices, particularly as demand from major markets such as the US and the EU is expected to improve.

 

However, China - one of Vietnam's key shrimp export markets - faces a decline in domestic consumption. The shifting spending habits of China's middle class, coupled with increased competition from cheaper seafood alternatives, has contributed to a decline in white shrimp consumption, slowing demand for Vietnamese shrimp in this market.

 

The Vietnamese shrimp industry is also grappling with other challenges. A significant shortage of raw shrimp is forecast until the end of the first quarter of 2025, which is expected to put pressure on shrimp processing companies.

 

With raw shrimp prices on the rise, these companies face the difficult task of managing production costs while competing with cheaper shrimp imports from other countries.

 

In response to these challenges, VASEP has urged the Vietnamese government, the Ministry of Foreign Affairs, and the Ministry of Industry and Trade to prioritise bilateral negotiations and targeted trade promotion activities in key foreign markets. These efforts could help unlock new opportunities and improve the competitiveness of Vietnam's shrimp exports.

 

- VNA