Vietnam: Full shrimp potential still outwith reach

Published 2024년 7월 1일

Tridge summary

Vietnam is experiencing a growth in seafood exports, with shrimp being one of the top five seafoods, reaching $1.3 billion and accounting for over 30% of the seafood export value. The Chinese market is the main driver of this growth, with China becoming the number one shrimp import market for Vietnam. However, the export outlook for the shrimp industry remains unpredictable due to political conflicts, global economic downturn, and increased transport costs and input prices. These factors, along with competition from other countries and sustainability certification issues, are affecting the competitive advantage of Vietnamese shrimp export businesses in the EU market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Shrimp is one of the top five seafoods that have seen a strong growth in its export proportion in the first five months of the years, along with catfish, tuna, crab, and crustaceans, according to a members conference organised by the Vietnam Association of Seafood Exporters and Producers (VASEP) last week. According to VASEP general secretary Truong Dinh Hoe, shrimp exports reached $1.3 billion, accounting for over 30 per cent of the seafood export value and increasing by 7 per cent compared to the same period last year. But in 2018, Vietnam aimed for $10 billion in exports by 2025. “While white-legged shrimp remains the highest value product, reaching $935 million and accounting for 72 per cent of the total shrimp export market share, lobster is the product with the most remarkable growth, nearly 70 times higher than the same period last year, with an export value of over $106 million. Additionally, exports of spear shrimp, giant freshwater prawn, mantis shrimp, and others have ...

Source: Vasep