Vietnamese Shrimp Exports Set to Increase by 10% to 15% YoY in 2024

In 2024, the shrimp industry is expected to achieve a turnover of 4 billion USD in exports. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam's shrimp exports are projected to increase by 10 to 15% YoY, particularly in the last six months of the year when shrimp prices are anticipated to rise.

In the first two months of 2024 alone, Australia imported 34 million USD worth of shrimp, a 20% YoY increase, accounting for over 60% of seafood export turnover to this market. China also imported USD 42 million of shrimp in Jan-24, showing the strongest growth at 275%. The forecast for 2024 suggests that shrimp exports to China will continue to benefit from numerous opportunities due to high demand and the country's prioritization of shrimp imports.