Vietnam: Breaking barriers, the shrimp industry strives to achieve the target as expected

Published Mar 16, 2023

Tridge summary

Vietnam's shrimp exports are expected to face challenges in 2023 due to increased competition, decreasing global shrimp prices, and rising domestic raw material prices. The industry is targeting over $4.3 billion in exports in 2023, but solutions such as improving shrimp quality, developing sustainable and high-tech shrimp farming, complying with lawful farming methods, and actively developing consumption markets are necessary to overcome these challenges. The article also mentions the difficulties faced by the industry due to environmental fluctuations, disease outbreaks, and increasing input prices, but also stresses the importance of cooperation and certification to improve product value and export over $4.3 billion.

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

Original content

In 2023, Vietnam's shrimp exports are forecasted to face many difficulties. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in 2022, Vietnam's shrimp exports will reach a record number of USD 4.3 billion for the first time, up 11%. compared to 2021. This is the highest figure ever, and higher than 2019 with $3.4 billion, 2020 with $3.7 billion, 2021 with $3.9 billion. Export value increased thanks to pillow orders from 2021 due to the suspension of the COVID-19 epidemic, and shrimp prices increased. Along with that are great efforts of enterprises in the context of many difficulties and consequences due to the impact of the epidemic, the conflict between Russia and Ukraine, high inflation, etc. Despite reaching a very large number in the year. 2022, however, in 2023, Vietnam's shrimp exports are forecasted to face many difficulties. Those are the challenges of having to compete more strongly with Ecuador and India. When in 2023, Ecuador is expected ...

Source: VNRuralEconomics