April 3, 2023

Vietnam's shrimp industry targets US$4.3 billion in exports this year

Vietnam's shrimp industry is looking to enhance its competitiveness and overcome challenges, as the sector targets US$4.3 billion in exports in 2023, Vietnam News Agency reported.

Businesses in the industry faced several issues in 2022, such as high production costs, certificate of origin issues, and a lack of information about the global shrimp market.

To achieve better growth this year, the industry is working to capitalise on every advantage, including the granting of production unit codes and quality certificates to shrimp farming zones. This includes VietGAP and GlobalGAP certifications. Free trade agreements, such as the EU-Vietnam Free Trade Agreement, also give Vietnamese shrimp a competitive edge.

The industry is also developing ecological and organic shrimp products that have been well received in many markets. Local shrimp products have managed to enter Europe, Australia, South Korea, and Japan.

Vietnam's Ministry of Agriculture and Rural Development has urged businesses and farmers in the industry to comply fully with legal regulations on aquaculture, food safety, and animal health.

This includes the Law on Fisheries, and making production plans in case of drought, saltwater intrusion, environmental changes, diseases, and high input costs.

-      Vietnam News Agency