Shrimp is known as an underwater treasure because it brings billions of USD to Vietnam every year.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s shrimp exports in the first month of 2024 earned 242 million USD, up 71% over the same period in 2023. This is a positive sign for the seafood industry in general and shrimp in particular.
In terms of the structure of products, white-leg shrimp and tiger shrimp have recorded a 2-digit growth while others have seen a 3-digit growth. Fresh and frozen products grow more strongly than processed ones.
Regarding export markets, China and Hong Kong (China) had the strongest growth, reaching 42 million USD, up 275% compared to January 2023, equivalent to an increase of more than three times. Thanks to strong growth, this market became Vietnam’s largest shrimp export market in January with 17.5%. In 2023, shrimp exports to this market ranked second after the US.
China unexpectedly tripled its imports of Vietnam’s shrimp.
Shrimp exports to the US have continued to grow from the last months of 2023, with an increase of 77% to 41 million USD in January. However, in 2024, shrimp exports to the US will be affected by the US anti-subsidy investigation with shrimp from four countries, including Vietnam.
In the US market, Vietnam accounts for 10% of the market share, ranking 4th after India (36%), Ecuador (22%), and Indonesia (18%). In 2023, shelled raw shrimp was the most imported to the US, recording a slight growth. According to the National Fisheries Institute of America, shrimp is the most preferred seafood on the menu of consumers in this country. Every year, each American will consume an average of about two kg of shrimp.
Shrimp exports to Japan and South Korea in the first month of this year grew by 30% and 21% respectively, worth 37 million USD and 23 million USD. After a continuous decline in 2023, shrimp exports to the European market recorded a 22% increase to 30 million USD in January.
In 2023, Vietnam earned more than 3.4 billion USD from shrimp exports. According to the Fisheries Department (Ministry of Agriculture and Rural Development), Vietnam is the second-largest shrimp supplier in the world with an export value accounting for 13-14% of the total export value of shrimp worldwide, exporting to 100 countries.
Vietnam has more than 600,000 ha of shrimp farming with two species of tiger shrimp and white shrimp. For tiger shrimp, Vietnam is the world’s leading producer with an output of 300,000 tons per year. This is a traditional farming species of Vietnam while white shrimp has been raised in many provinces since 2008.
Vietnam has many advantages in developing the shrimp industry. The main farming areas are concentrated in the Mekong Delta provinces, accounting for 95% of shrimp production and also the center of shrimp processing plants. The five provinces with the largest shrimp farming area include Ca Mau, Bac Lieu, Soc Trang, Ben Tre, and Kien Giang. So far, there are about 200 shrimp processing plants approved by the European Commission with periodic field inspections in Vietnam.
Experts forecast that Vietnam’s shrimp exports will have the opportunity to recover and grow slightly in 2024, with a level of 10% to 15% because the economies of countries with shrimp consumption demand are gradually recovering./.
