Vietnam: shrimp exports "have a chance" to exceed 4 billion USD in 2021

Published 2021년 1월 6일

Tridge summary

Vietnam is poised for a significant increase in shrimp production and export in 2021, driven by stable global demand and the recovery of other exporting countries. Favorable conditions include low anti-dumping tax in the US and tariff advantages in new Free Trade Agreements. However, the industry faces challenges such as climate change, water shortage, food safety requirements, and diseases caused by Covid-19. The Vietnam Association of Seafood Exporters and Producers predicts a 15% increase in shrimp exports, reaching approximately $4.4 billion. The market is expected to see growth in demand from the US, EU, and other countries, despite challenges like competition and import restrictions in Japan and China. The Ministry of Agriculture and Rural Development has outlined the need for businesses to prepare for these opportunities and challenges, with a focus on improving quality, traceability, and sustainable growth.

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

Original content

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in 2021, there are many favorable conditions for Vietnam's shrimp production and export. Specifically, world demand remains stable while other exporting countries have yet to recover. China is the largest shrimp source in Asia, but still lacks shrimp for processing and consumption. Along with that, anti-dumping tax in the US on shrimp is low; Tariff advantages for Vietnam's net origin of farmed shrimp products in the new generation Free Trade Agreements ... Deputy Minister of Agriculture and Rural Development Phung Duc Tien also said that this year there are favorable factors for seafood exports. In general, shrimp production in particular, the world economy grew again after the Covid-19 epidemic was controlled; advantages from taking advantage of the incentives of FTAs such as Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTTP), FTA Vietnam-EU (EVFTA), FTA Vietnam-UK ...

Source: Vinanet