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Photo: VASEP/FIS
Vietnam's Shrimp Export Target of $4 Billion for 2024 is Within Reach
VIET NAM
Wednesday, November 20, 2024, 00:10 (GMT + 9)
In October 2024, Vietnam's shrimp exports reached $394 million, marking a robust 24% increase compared to the same period last year.
 Cumulatively, shrimp exports for the first 10 months of 2024 generated $3.2 billion, reflecting a 13% year-on-year growth. All major consumer markets posted double-digit growth in October, according to Kim Thu, a Shrimp Market Expert at the Vietnam Association of Seafood Exporters and Producers (VASEP).
Strong Performance in Key Markets
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China & Hong Kong
Exports to China and Hong Kong surged to $91 million in October, up 44%. By the end of October 2024, shrimp exports to this market totaled $676 million, a 31% rise year-on-year. Lobster exports to China performed exceptionally well, skyrocketing by 157% to $298 million during the same period. China's policies to boost domestic consumption have also supported a sharp increase in shrimp imports.
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United States
Vietnam's shrimp exports to the U.S. in October reached over $80 million, up 17%, with cumulative exports hitting $646 million, a 10% year-on-year increase. Shrimp imports into the U.S. from its top three suppliers have declined, raising concerns about supply shortages. Improving economic conditions, reduced inventories, and a balanced supply situation have driven higher import demand. Shrimp prices in the U.S. are also on an upward trajectory.
Additionally, a proposal by former U.S. President Trump to raise import taxes has prompted businesses to accelerate stockpiling ahead of potential tariffs, temporarily boosting demand for imported shrimp.
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Japan and South Korea
Shrimp exports to Japan and South Korea also saw impressive growth in October, increasing by 18% and 28%, respectively. These markets had previously experienced fluctuations but now show signs of stabilization.
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European Union (EU)
Exports to the EU grew by 32% in October, with a cumulative turnover of $408 million for the first 10 months, up 17% year-on-year. Demand for Vietnamese shrimp in the EU has remained steady throughout the year, with consistent positive growth since April.
Photo: VASEP
Market Dynamics and Future Prospects
 Positive indicators across key import markets highlight a recovery in global shrimp demand. Export prices, especially for whiteleg shrimp, are rising, improving profit margins for businesses. Domestic raw shrimp prices remain favorable, further supporting production and export activities.
Vietnam’s shrimp sector has also seen a shift toward value-added products, with processed shrimp exports expanding significantly. This transition signals stronger industry resilience and competitiveness in global markets.
Overcoming Challenges and Turning the Tide
In 2023, global challenges such as inflation, geopolitical instability, and increased competition from Ecuador led to an oversupply of shrimp, driving prices down sharply. However, 2024 has brought significant improvements:
- Inflation has eased, boosting consumer demand in major markets.
- Import demand has risen as shrimp supplies stabilize.
- World shrimp prices are trending upward, reversing last year’s declines.
Retail packages of Vietnamese shrimp at the Japanese market
Although Vietnam's shrimp exports continue to face challenges, including internal industry constraints, the overall outlook remains positive. Cumulative export results for 2024 underscore this progress, making the $4 billion export target for the year an achievable goal.
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