Australia a potential market for Vietnamese shrimp

Published 2024년 3월 18일

Tridge summary

The Việt Nam Association of Seafood Exporters and Producers (VASEP) has identified Australia as a high potential market for Vietnamese shrimp due to increasing demand for processed shrimp. Despite challenges such as strict import standards and high logistics costs, Vietnamese shrimp exports to Australia have seen a 48% increase, reaching over $23 million as of February 15. This growth is expected to continue, facilitated by the recent upgrade of ties to a Comprehensive Strategic Partnership between Việt Nam and Australia, and a memorandum of understanding between the Việt Nam Trade Promotion Agency and the Australian Trade and Investment Commission. The exports are dominated by shrimp products, which account for 95% of the total, with processed shrimp products making up 40% of the total export value.

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Original content

Australia is considered a high potential market for Vietnamese shrimp as this market's demand for processed shrimp is increasing, according to the Việt Nam Association of Seafood Exporters and Producers (VASEP). Meanwhile, Việt Nam's shrimp processing industry is constantly developing with a diversity of products. Focusing on developing its strengths, Vietnamese businesses will succeed in major export markets, including Australia, according to VASEP. Lê Văn Quang, general director of Minh Phú Seafood Group Joint Stock Company, said shrimp processing and exporting enterprises should invest in more advanced technology to create more deep-processed and affordable products. Hồ Quốc Lực, chairman of Sao Ta Food Joint Stock Company, said that thanks to investment in modern technology, Vietnamese shrimp still accounted for the largest share in the global market, despite strong competitive pressure from cheap shrimp of Ecuador, India and Indonesia. According to VASEP, as of February 15, ...

Source: WTOCenter