Vietnam: Shrimp exports expected to hit 4 billion USD in 2024

Published 2024년 12월 16일

Tridge summary

Vietnam's shrimp exports are expected to generate $4 billion in 2024, showing significant growth and recovery from 2023. The growth is driven by the industry's performance in key markets like the US and EU, and China's policies to boost domestic consumption. However, the industry faces challenges such as the need to improve shrimp quality, reduce production costs, and address diseases. There are also calls for the industry to upgrade its value chain and adopt high-tech, environmentally friendly farming practices. Despite these challenges, Vietnamese shrimp businesses are implementing innovative solutions to improve infrastructure, increase profitability, and reduce emissions.

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

Original content

With double-digit growth in key markets, Vietnam's shrimp exports are projected to rake in 4 billion USD in 2024, according to insiders. While this figure is lower than the record of 4.3 billion USD achieved in 2022, it marks a strong recovery compared to 2023, when shrimp exports totalled only 3.4 billion USD. This recovery highlights the resilience of the shrimp industry as it continues to regain momentum. Vietnam’s shrimp exports showed impressive growth in the first 11 months of 2024, reaching nearly 3.6 billion USD, a 22% increase compared to the same period last year. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the shrimp sector is performing well in several key markets. Exports to both US and European Union have shown consistent growth, while China’s recent policies to stimulate domestic consumption could further drive demand for Vietnamese shrimp. Along with an uptrend in shrimp export prices, the processed shrimp sector is growing ...

Source: WTOCenter