According to the Vietnam Association of Seafood Exporters and Producers (VASEP), shrimp exports continue to record double-digit growth in most consumer markets.

Whiteleg shrimp brought in the largest export revenue, with 1.76 billion USD in 8 months of 2024. Photo by Chu Khoi.

According to Vasep, in the first 8 months of 2024, whiteleg shrimp brought in the largest export revenue, with 1.76 billion USD, up 8% over the same period in 2023. Whiteleg shrimp exports to the EU grew the strongest among the top major consuming markets, up nearly 18%. Of which, the 3 largest markets in the bloc, Germany, the Netherlands and Belgium, all recorded double-digit growth, 12%, 24% and 23% respectively over the same period last year. The United States is the largest consumer market for Vietnamese whiteleg shrimp.

A representative of Vasep said that in the second week of September 2024, the price of whole chilled whiteleg shrimp increased by about 20% over the same period in 2023. Compared to the beginning of August 2024, the price of 30-piece and 40-piece shrimp increased by about 40%. Smaller shrimp increased by 13%-19% compared to the beginning of August. The export price of Vietnamese whiteleg shrimp to the US has been on an upward trend since February this year. The export price of whiteleg shrimp to the Japanese market is also expected to increase due to the popularity of Vietnamese value-added and processed products and the appreciation of the yen. For the Chinese and Hong Kong markets, Vietnamese shrimp exports to these markets continued to recover in August with double-digit growth compared to the same period last year. In the first 8 months, shrimp exports to these markets reached 477 million USD, up 21% compared to the same period last year.

However, according to Mr. Le Van Quang - General Director of Minh Phu Seafood Corporation, although currently enjoying advantages, in the coming time, other countries may catch up and surpass Vietnam, including the processing stage. Therefore, the shrimp industry needs to change its mindset, instead of chasing output, it needs to focus on sustainability and efficiency (quality, environment, health and selling price).

Mr. Quang also recommended that the Ministry of Agriculture and Rural Development should have a policy on planning and managing breeds; study and propose amendments to regulations on shrimp seed production; allow large domesticated shrimp farming enterprises to select breeds according to natural selection to have disease-resistant shrimp, adaptable to the weather, climate and environment of each farming area...

Commenting on the shrimp market in the coming time, the representative of Vasep also said that, with a large population and increasing demand for seafood, China is currently one of the very attractive markets for Vietnamese seafood enterprises. However, currently, the Chinese market has increasingly improved technical standards, so Vietnamese exports to China must be adjusted, from product quality to technical standards and domestic production processes. Many businesses cannot meet these requirements.

Therefore, in the context of a volatile global situation, according to experts, Vietnamese seafood enterprises need to continue to maintain product quality, improve competitiveness and make the most of opportunities from international trade and bidding programs. In addition, the shrimp industry needs the cooperation of management agencies and the entire chain to ensure raw material sources at the end of the year for processing and export. If the current growth momentum is maintained, the goal of reaching 10 billion USD in export turnover in 2024 is completely feasible.

Source: Dai Doan Ket Newspaper