President Ho Quoc Luc (FMC): Vietnamese shrimp is in the stage of speeding up delivery

Published Aug 24, 2023

Tridge summary

The Vietnamese shrimp industry is facing challenges due to inflation, recession caused by the Russia-Ukraine war, and a decrease in shrimp supply and yield due to disease. The industry has seen a significant decrease in export and consumption, particularly in major markets such as the US, EU, and Japan. However, there is hope for improvement in the second half of the year, as the low selling prices and decreasing supply may lead to increased demand, especially during the festive season. Businesses in the shrimp industry are advised to reduce costs and focus on deep processing to improve competitiveness.

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

Original content

At the 2023 International Shrimp Industry Conference taking place on the afternoon of August 23, the FMC President shared that the Vietnamese shrimp industry faces many challenges in the first 6 months of 2023. “The first is inflation and recession stemming from the Russia-Ukraine war in the first quarter of 2022. This has had a strong impact on consumption in the second half of 2022. Meanwhile, worldwide supply has increased sharply, most notably shrimp from Ecuador. In addition, the disease situation is causing the recovery rate and yield of Vietnamese shrimp to decrease, thereby pushing up prices. This is a huge challenge and a bottleneck for the Vietnamese shrimp industry today,” said Mr. Luc. Breeding area decreased sharply Meanwhile, the selling price is at a very low level and makes shrimp farmers in Vietnam and around the world "not secure in stocking". “I think only about 50% of the area is re-stocked. In theory, the area of raw shrimp from here to the end of the year ...

Source: Vietstock