Vietnamese shrimp gains firm foothold in Chinese and US markets

Specifically, shrimp exports to China and Hong Kong (China) skyrocketed by 143% to more than US$81 million in value against the same period last year.

Ta Thi Kim Thu, a VASEP expert, attributed the rising import demand to the Lunar New Year festival, China’s reduction in shrimp imports from Ecuador, and a higher quality of Vietnamese shrimp.

Meanwhile, Vietnamese shrimp exports to the United States in the reviewed period also soared by 26% to US$72 million.

The average price of Vietnamese shrimp in the US also rebounded after falling to its lowest level in November last year.

VASEP predicted that the sales of fresh and frozen seafood products to the US are forecast to stabilise this year after experiencing a downward trajectory last year amid global high inflation and tightened spending.

Insiders pointed out that compared to major shrimp suppliers in the US such as India, Ecuador, and China, Vietnam can be considered a more promising provider as the recent establishment of the comprehensive strategic partnership between Vietnam and the US have opened up a wealth of opportunities for Vietnamese goods to gain further entry into the demanding market.

Moreover, the US has advocated increasing purchases from other countries whilst moving to reduce reliance on Chinese goods.

Most recently, the 2024 Seafood Expo North America which took place from March 10 to 12 and attracted the participation of a large of number of shrimp exporters worldwide, is expected to provide bright export prospects for Vietnamese shrimp.

According to experts, the shrimp industry is projected to encounter a number of challenges, including epidemics in farmed shrimp and weak demand occurring in several markets. It is therefore required to focus on the farming stage as it strives to increase its competitiveness by creating value-added products.