Strong Recovery Expected in Shrimp Exports

Vietnam's shrimp export industry is on track to hit a significant milestone in 2024, with exports projected to reach $4 billion. Although this figure falls short of the record $4.3 billion achieved in 2022, it represents a robust recovery from the $3.4 billion recorded in 2023. This rebound underscores the resilience and ongoing momentum of the shrimp industry.

Growth Across Key Markets

In the first 11 months of 2024, Vietnam's shrimp exports surged to nearly $3.6 billion, marking a 22% increase compared to the same period in the previous year. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the sector is thriving in several major markets. Exports to the US and the European Union have shown consistent growth, while China's recent policies to boost domestic consumption could further enhance demand for Vietnamese shrimp.

Challenges and Opportunities

Despite the positive outlook, the Vietnamese shrimp industry faces substantial challenges that need to be addressed for sustainable growth. Tran Dinh Luan, Director of the Fisheries Department under the Ministry of Agriculture and Rural Development, emphasizes the need to improve shrimp quality and reduce production costs to remain competitive globally. Key issues include enhancing shrimplet quality, managing breeding cycles, controlling diseases, lowering production costs, and accurately forecasting market demands.

Environmental, disease, and production challenges persist, but Vietnamese shrimp businesses have introduced innovative solutions, such as adopting new technologies and improving infrastructure. These efforts are crucial in reducing emissions, extending the value chain, and increasing profitability for both farmers and businesses.