Local shrimp exports likely to reach US$4.2 billion this year

According to information provided by the Directorate of Fisheries, the local shrimp sector will continue to face numerous difficulties over the course of the year due to the complex nature of the COVID-19 pandemic and unpredictable international trade competition.

This will be especially prevalent due to changes occurring in quarantine requirements coupled with food safety regulations being imposed on imported products in several countries.

Most notably, China, one of the nation’s major shrimp import markets, has tighten regulations on importing frozen products, including shrimp, due to the COVID-19 pandemic, a move which has caused shrimp exports to the market to decrease by over 20%.

Furthermore, the Republic of Korean (RoK) market now also requires shrimp products to meet heat treatment regulations in order to be exempt from quarantine requirements.

During the first half of the year, brackish water shrimp output surged by 12% to 371,000 tonnes against the same period last year, with total shrimp export turnover reaching US$1.5 billion.

Shrimp exports ahead in the second half of the year are projected to enjoy robust growth, with the export target anticipated to reach between US$3.8 billion and US$4 billion.

The United States, Japan, China, the EU, and the RoK are considered as the largest consumers of Vietnamese shrimp.

Nguyen Hoai Nam, deputy general secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), said local shrimp products are exported to 106 markets worldwide, an increase of five markets compared to the previous year.

Aside from these challenges, the domestic shrimp industry will see plenty of opportunities to expand markets for shrimp and tra fish products moving forward thanks to the signing of numerous free trade agreements (FTAs).