Vietnam: Take advantage of shrimp export opportunities right from early year months

Vietnamese shrimp exports to Australia have surged by 48% at the start of 2024, reaching over 23 million USD by mid-February, despite a 14% decrease in exports to the country in 2023. This growth is part of a longer-term upward trend from 2019 to 2022, with Australia being the fifth largest market for Vietnam's shrimp, particularly processed products. Vietnamese shrimp processing enterprises are focusing on deep processing and modern technology to expand their market share, despite challenges like high logistics costs and strict Australian import standards. Meanwhile, the overall shrimp export market faces challenges due to lower demand and higher domestic prices, with Vietnamese shrimp being over 1 USD/kg more expensive than the global market. However, there is optimism for a 10% to 15% increase in exports in 2024, driven by a recovery in global demand and a shift towards seafood. The US and China are expected to remain the largest markets, with efforts also being made to attract Japanese consumers at the FOODEX fair with high-quality, traditionally designed products. Vietnam and Australia's participation in three significant free trade agreements further enhances trade opportunities.