US$2.5 billion shrimp export target within reach

Hoe made the prediction during a recent interview granted to a VOV reporter.

He praised Vietnam’s great efforts in combating shrimp epidemics and increasing seafood output, thus generating more opportunities for shrimp exports.

In the past nine months, seafood exports were estimated at US$4.6 billion, including nearly US$2 billion worth of shrimp. This was in part attributed to the US Department of Commerce (DOC)’s confirmation that Vietnam did not dump shrimp products on the US market, Hoe said.

According to the VASEP Secretary General, Japan has remained Vietnam’s largest shrimp importer over the years.

However, he warned local businesses should get updated on the potential of supply in the world.

Previously, Thailand planned to reduce its seafood output by 50% but later readjusted the figure to around 30%. Therefore, Vietnamese businesses should be more cautious about negotiating with trade partners in order to ensure their stable supply, Hoe suggested.

He noted that over the past two or three years, some traders have bought a large volume of raw shrimps to export to China, making it difficult for local shrimp producers to purchase raw materials when farmers prefer selling their products to traders than getting involved in shrimp exports to the Chinese market.