According to the Vietnam Association of Seafood Exporters and Producers (VASEP), after a decline in the second quarter of 2024, the export value of Vietnamese shrimp to China and Hong Kong increased strongly in the second half of 2024.
In the fourth quarter of 2024, shrimp exports to this market group increased by 69% to 258 million USD, raising the total for the year by 39% to 843 million USD. Thanks to strong growth, the Chinese and Hong Kong markets have surpassed the US to become the largest shrimp import markets for Vietnam.
The VASEP said that China’s domestic shrimp supply has decreased due to adverse weather conditions, and Ecuador has also reduced its exports to China in 2024. In addition, this country has implemented various measures to increase consumer spending, thereby supporting Vietnam’s shrimp export activities.
In the first half of January 2025, Vietnamese shrimp exports to China and Hong Kong increased sharply by 191% compared to the same period in 2024, reaching over 51 million USD.
In the structure of Vietnamese shrimp products exported to China and Hong Kong in 2024, other types of shrimp accounted for the highest proportion (51.7%), followed by white-legged shrimp (36.1%) and black tiger shrimp (12.2%).
Exports of other types of shrimp increased by 174% last year. Currently, China is the largest market for importing lobsters from Vietnam, accounting for 98-99%. Meanwhile, other markets such as Thailand, Singapore, Hong Kong, and Taiwan only account for 1-2%. Lobster is often prepared in various ways by the Chinese.
This sudden increase means that Chinese consumers have a demand for premium food products, despite their hesitance in spending. Thanks to relatively low import costs from Vietnam due to labor and transportation differences, Vietnamese lobsters are more competitively priced compared to lobsters from other supplying countries such as Australia and Canada.
Notably, China’s aquaculture industry cannot meet domestic demand. In this context, Vietnamese products are affordable and of good quality, so increasing imports from the Southeast Asian neighbor is a simple solution to the lobster shortage in the world’s second most populous market.
Besides China, Vietnam also exports lobsters to Thailand, Malaysia, Singapore, and the US.
However, as economic growth slows and living costs rise, consumers are increasingly paying attention to cost-effectiveness and seafood protein, gradually shifting from “preference” to “option.” However, in the high-end market, the consumption levels of the wealthy remain relatively stable.
“Shrimp export enterprises should continue to strengthen their advantages in lobster exports and enhance promotion and marketing, providing solutions to stimulate the consumption of traditional products, such as white-leg shrimp and black-tiger shrimp in the Chinese market,” the VASEP recommended.