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'...According to a VASEP representative, processed products represent between 40% and 45% of the total annual shrimp export value'

Vietnamese shrimp exports recover to main markets

Click on the flag for more information about Viet Nam VIET NAM
Monday, April 22, 2024, 05:00 (GMT + 9)

After identifying its weakness in 2023, entering the first quarter of 2024, Vietnam's shrimp industry has experienced a clear change, reflected in the increase in exports to major markets.
 
Ho Chi Minh City (VNA) - After identifying its weakness in 2023, entering the first quarter of 2024, Vietnam's shrimp industry has experienced a clear change, reflected in the increase in exports to major markets.
 
According to statistics from the General Department of Customs of Vietnam, shrimp exports were estimated at $620 million during January-March, a year-on-year increase of 24%. In particular, revenue from shipments to the United States and China will increase by 26% and 140%, respectively.
 
Regarding the Chinese market, Kim Thu, from the Vietnam Association of Seafood Exporters and Producers (VASEP), said that China has reduced imports from Ecuador, its largest shrimp supplier, and has increased purchases from Vietnam. Although Vietnam has to compete on price with rival suppliers, many Chinese buyers consider Vietnamese shrimp to be of higher quality than those from Ecuador and India, so they accept higher prices.
 
In the case of the United States, shrimp industry experts predict that sales of fresh and frozen aquatic products in that market will stabilize in 2024, after facing many difficulties last year due to inflation and the adjustment of spending. people.
 
Global shrimp supply growth in recent years. (Source: Rabobank, VASEP, AgroMonitor, FPTS)
 
Compared to some of the United States' major shrimp suppliers, Vietnam is considered more promising, especially as diplomatic relations between the two nations are developing.
 
According to a VASEP representative, processed products represent between 40% and 45% of the total annual shrimp export value. The processing of Vietnamese shrimp companies is at a high level in the world and this represents a competitive advantage of this sector in Vietnam in the world market.
 
However, the sector is advised to maintain its efforts, because competition from other countries remains fierce.
 
According to former VASEP president Ho Quoc Luc, Vietnamese shrimp products are of good quality, but their prices are high. Therefore, it is recommended that farmers and exporters look for measures to maintain quality and reduce production costs.
 
Source: VNA
 


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