After the first 9 months of 2024, Vietnam earned 2.8 billion USD from shrimp exports, up 11% over the same period last year.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the five largest shrimp exporting enterprises in Vietnam in the first 9 months of 2024 were Soc Trang Seafood Joint Stock Company, Minh Phu Seafood Group Joint Stock Company, Minh Phu - Hau Giang Seafood Joint Stock Company, Sao Ta Food Joint Stock Company and Ca Mau Seafood Processing and Services Joint Stock Company.

According to VASEP, shrimp exports to major markets such as the US, EU, China, etc. all grew positively. Along with the recovery of the markets, shrimp exporting enterprises also recorded positive revenue results. Like Sao Ta (FMC), in the first 9 months of 2024, this company earned 186.7 million USD. In September alone, Sao Ta reached 30.1 million USD in revenue (up 48% over the same period last year).

In 2023, Sao Ta will be the largest Vietnamese shrimp exporter to Japan, ranking 5th in the US market and 9th in Korea.

Assessing product trends, in 2024, frozen shrimp exports will still be affected by price trends that have not clearly recovered, along with competitive selling price pressure with Ecuadorian and Indian shrimp. However, Vietnamese processed shrimp still has a good position in the markets.

Therefore, by the end of September, processed white-leg shrimp exports still increased by nearly 10%, while frozen white-leg shrimp exports increased slightly by 4.5% over the same period. In the first 9 months of the year, white-leg shrimp exports reached nearly 2 billion USD, black tiger shrimp exports reached 334 million USD.

Regarding raw shrimp prices, according to VASEP, Vietnam's raw shrimp prices have been more positive since July this year. Raw white-leg shrimp prices of sizes 50, 80, 100 pieces/kg increased steadily from July to September.

Raw shrimp prices are expected to continue to be positive in the fourth quarter of 2024, but there is a possibility of local raw material shortages because this is the period when China will increase purchases for the Lunar New Year and New Year holidays, businesses need raw materials to boost production of year-end orders.

Meanwhile, domestic shrimp production results in the third quarter and the first 9 months of 2024 both recorded good growth. Specifically, in the third quarter of 2024, Vietnam's white-leg shrimp output is estimated at 368,700 tons, up 5.1% over the same period last year; black tiger shrimp output reached 88,200 tons, up 2%. According to the General Statistics Office (GSO), Vietnam's shrimp output in the third quarter of 2024 increased compared to the same period last year due to the application of super-intensive and intensive farming models, applying technology to bring high efficiency.

In the first 9 months of 2024, white-leg shrimp output reached 701,400 tons, up 5.3% over the same period last year; black tiger shrimp output reached 210,300 tons, up 2.2%.

Source: MekongAsean