Photo: VASEP/FIS

Where Does Vietnamese Shrimp Go? Top 5 Importers

VIET NAM
Thursday, February 06, 2025, 09:00 (GMT + 9)

In 2024, Vietnam expanded its shrimp export markets to 107 destinations, up from 102 in 2023.

The top five main markets—China & Hong Kong, the US, Japan, the EU, and South Korea—accounted for 76% of Vietnam's total shrimp exports, according to Kim Thu, Shrimp Market Expert at the Vietnam Association of Seafood Exporters and Producers (VASEP).

Shrimp exports have benefited from recovering demand and import prices in key markets such as the US and China. Vietnamese exporters continue to maintain strong positions in Japan, South Korea, and the EU thanks to the reputation for quality products and advancements in value-added processing.

Additionally, free trade agreements have opened competitive opportunities in emerging markets such as the UK, Canada, Australia, and Singapore.

China & Hong Kong

Vietnam's shrimp exports to China and Hong Kong saw a sharp resurgence in the third and fourth quarters of 2024, following a decline in the second quarter. Fourth-quarter exports rose by 69% to $258 million, pushing the annual total to $843 million—a 39% increase compared to 2023. This growth positioned China & Hong Kong as Vietnam's largest shrimp market, surpassing the US.

The rise in shrimp demand was fueled by declining domestic supply in China due to adverse weather and reduced exports from Ecuador. Chinese initiatives to stimulate consumer spending further supported shrimp imports.

In 2024, Vietnam's lobster exports to China surged, with lobsters accounting for 51.7% of shrimp products exported to China & HK, followed by whiteleg shrimp (36.1%) and black tiger shrimp (12.2%).

United States

Shrimp exports to the US reached $756 million in 2024, an 11% increase from 2023. While exports dipped in the second quarter, they rebounded with positive growth in the other three quarters, accelerating in the second half of the year.

Whiteleg shrimp dominated exports to the US, comprising 84.3%, followed by black tiger shrimp (9.3%), with other varieties making up the remainder.

The top three shrimp exporters to the US were Soc Trang Seafood Joint Stock Company, Sao Ta Company, and Clean Seafood Company.

Japan

In 2024, Vietnam's shrimp exports to Japan totaled $517 million, a modest 1% increase from 2023. Exports initially declined in the first two quarters but recovered in the third and fourth quarters.

The Japanese yen's recovery since mid-2024 improved purchasing power. Additionally, scandals involving underage labor in India's shrimp industry led Japanese importers to favor Vietnamese shrimp.

European Union (EU)

Shrimp exports to the EU reached $484 million in 2024, a 15% increase from 2023. Germany, the Netherlands, and Belgium were the largest importers within the bloc, with the Netherlands recording the strongest growth at 22%.

Whiteleg shrimp accounted for the majority of EU exports (80.6%), followed by black tiger shrimp (12.2%) and other varieties.

Key exporters to the EU included Thong Thuan Cam Ranh Seafood Joint Stock Company, Thuan Phuoc Seafood and Trading Joint Stock Company, Nha Trang Seafoods - F17 Joint Stock Company, and Minh Phu-Hau Giang Seafood Joint Stock Company.

South Korea

Shrimp exports to South Korea reached $334 million in 2024, down 3% compared to 2023. The decline was attributed to ongoing challenges with shrimp import quotas, which imposed significant costs on exporters.

According to ITC data, South Korea's shrimp imports totaled $723 million in the first 11 months of 2024, a 3% increase compared to the same period in 2023. Vietnam maintained its position as the leading shrimp supplier, commanding 46% of the market share. China ranked second with 10%. South Korea also increased shrimp imports from Peru, China, and Canada during this period.

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