April 25, 2024

Vietnam's shrimp industry sees strong rebound, boosting exports to key markets

Vietnam's shrimp industry has experienced a notable transformation in the first quarter of 2024, rebounding from identified weaknesses in 2023, resulting in increased exports to major international markets, Vietnam Plus reported.

Data from Vietnam's General Department of Vietnam Customs indicates a significant surge in shrimp exports, reaching an estimated value of US$620 million from January to March 2024, marking a 24% increase compared to the same period last year. Particularly noteworthy is the substantial growth in exports to the US and Chinese markets, with earnings soaring by 26% and 140% respectively.

In the Chinese market, Kim Thu of the Vietnam Association of Seafood Exporters and Producers (VASEP) highlighted a shift in import patterns, with China reducing imports from Ecuador, its primary shrimp supplier, and turning to Vietnam. Despite facing price competition with other suppliers, Vietnamese shrimp is perceived by many Chinese buyers to be of superior quality, warranting higher prices.

For the US market, experts predict a stabilisation in the sales of fresh and frozen seafood in 2024, following challenges encountered in 2023 due to inflation and consumer spending constraints. Vietnam emerges as a promising shrimp supplier in the US, especially amid favourable diplomatic relations between the two countries.

Representatives from VASEP said that value-added processed shrimp products constitute a substantial portion, accounting for 40% - 45% of the total annual shrimp export value. Vietnamese shrimp processing capabilities are recognised globally, providing a competitive edge in markets like Japan.

Despite these positive developments, industry stakeholders are urged to remain vigilant due to intense competition from other shrimp-producing nations. Former VASEP chairman Ho Quoc Luc underscores the importance of maintaining product quality while reducing production costs to sustain competitiveness in the global market.

-      Vietnam Plus