Shrimp exports to major markets bounce back

April 01, 2024 - 17:39

Having identified its weakness in 2023, entering the first quarter of 2024, Việt Nam's shrimp industry has undergone a clear change, reflected through increases in exports to major markets.

Frozen shrimp products of the Minh Phu Seafood JSC. — VNA/VNS Photo

HCM CITY — Having identified its weakness in 2023, entering the first quarter of 2024, Việt Nam's shrimp industry has undergone a clear change, reflected through increases in exports to major markets.

According to statistics of the General Department of Vietnam Customs, shrimp exports are estimated at U$$620 million during January-March, up 24 per cent year-on-year. Notably, earnings from shipments to the US and Chinese markets are estimated to increase by 26 per cent and 140 per cent, respectively.

Regarding the Chinese market, Kim Thu from the Vietnam Association of Seafood Exporters and Producers (VASEP) said that China has reduced imports from Ecuador - its largest shrimp supplier, and increased imports from Việt Nam. In this market, Việt Nam has to compete in price with rival suppliers, however, many buyers in China consider Vietnamese shrimp to be of higher quality than those of Ecuador and India, so they accept higher prices.

For the US, shrimp industry experts say that sales of fresh and frozen seafood in this market are forecast to stabilise in 2024, after facing many difficulties in 2023 due to inflation and people’s tightening spending. Compared to some of the US’s main shrimp suppliers, which are India, Ecuador, and China, Việt Nam is considered more promising, especially when diplomatic relations between Vietnam and the US are developing well.

According to a representative of the VASEP, value-added processed shrimp products account for 40- 45 per cent of the total annual shrimp export value. The processing level of Vietnamese shrimp enterprises is at a high level in the world and this is a competitive advantage of Vietnamese shrimp in the Japanese market.

However, the sector is advised to keep up its efforts, because the competition from other countries remains fierce.

According to former VASEP Chairman Hồ Quốc Luc, Vietnamese shrimp products have a good quality, but their prices are at a high level.

Therefore, farmers and exporters are recommended to seek measures to maintain quality and reduce production costs. — VNS

Việt Nam's shrimp exports expect growth this year

To further increase the value of shrimp and to have sustainable shrimp industry development, localities, especially Mekong Delta provinces, need to pay attention to developing high-quality seed sources to have proactive production, reduce production cost and limit diseases.

Economy

Bright prospects for shrimp exports to the UK

Since the UKVFTA came into force, tariff duties on frozen shrimp products exported to the UK have been reduced to zero per cent. That has offered Vietnamese exporters a competitive advantage compared to other rivals such as Thailand, Malaysia, Indonesia, Philippines, India, and Brazil which had yet to sign an FTA with the UK.

MM Mega Market recognised among the 'Top 100 Best Places to Work in Việt Nam 2024'

Economy

Green lifestyle changes drive people towards ethanol fuel

Economy

World Bank outlines path for Việt Nam to reach high income status

Economy

Việt Nam vows to create favourable conditions for Korean investors

Economy

Aeon Mall to be built in Cần Thơ City

Economy

Cyberattack risks surge with AI advancements

More on this story

Economy

Vietnamese in Laos have high hopes on real estate market prospects at home

Vietnamese in Laos have shared the belief that the amended Land Law, passed by the National Assembly earlier this year, will significantly contribute to national socio-economic development.

Economy

Masan set to close $250 million investment deal with Bain Capital on April 22

Masan Group Corporation (HOSE: MSN) announced on April 1 that the State Securities Commission has acknowledged receipt of its application for the private placement of convertible dividend preference shares related to a US$250-million investment by Bain Capital, a leading global private investment firm with assets worth US$180 billion under management.

Economy

Hà Nội is the most expensive place to live in VN: GSO

Hà Nội remains the most expensive city in Việt Nam for five years strait, according to 2023 Spatial Cost of Living Index (SCOLI) report recently announced by the General Statistics Office.

Economy

Việt Nam remains the world's second-largest footwear exporter in February

The Southeast Asian economy exported footwear worth US$1.2 billion during February to more than 150 markets around the world, accounting for 10 per cent of the global supply.

Economy

HDBank announces financial statements with profit of $524 million, ROE 24.2%, releases 2024 ESG report

The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank - stock code: HDB) on March 29 announced its 2023 audited financial statements, which show it achieved its best ever results with pre-tax profit exceeding VND13 trillion (US$524 million), an increase of 26.8 per cent, further consolidating its rapid and steady growth.

Economy

VNDirect granted trading reconnection

However, they are deemed insufficiently persuasive by critics.

Economy

Agricultural trade surplus nearly doubles in Q1 on strong rises of coffee, rice

Coffee is the product with the strongest growth in the first quarter of this year. Coffee export reached 799,000 tonnes worth $1.9 billion in the first quarter, rising by 44.45 per cent in volume and 54.2 per cent in value over the same period last year, setting a new record for three-month coffee export value.