Vietnam’s Shrimp Industry Expects Breakthrough in the Final Months of the Year

According to the latest report from the Ministry of Agriculture and Rural Development, in the first 7 months of 2024, Vietnam’s seafood export turnover is estimated to reach $5.29 billion, an increase of 7.3% compared to the same period last year. Shrimp exports alone reached $2 billion, up 7.5%. Currently, Vietnam is among the top 3 largest shrimp exporting countries in the world, accounting for 13-14% of the global shrimp export value. Export services have played a crucial role in bringing Vietnamese shrimp products to about 100 countries and territories.

Vietnam’s shrimp industry expects breakthrough in the final months of the year

China, the United States, Japan, and the EU continue to be the main markets for Vietnamese shrimp. Notably, exports to China reached $328 million, a strong increase of 17% compared to the same period last year. Logistics companies have had to make efforts to meet this increased transportation demand, especially in transporting lobsters – a product that recorded a dramatic growth of 57 times compared to the same period last year.

However, the shrimp export industry still faces many challenges. Mr. Ho Quoc Luc, Chairman of the Board of Directors of Sao Ta Foods Joint Stock Company, points out the fierce competition from countries such as Ecuador, India, and Indonesia in the US market. Additionally, reduced consumer demand due to the global economic recession also poses difficulties for export activities. International shipping services are having to flexibly adjust to cope with this situation.

Tensions in the Red Sea are a major challenge to the global supply chain, directly affecting Vietnam’s shrimp exports to key markets such as the US and Europe. Increased sea freight costs are forcing export businesses to seek more complex alternative solutions or focus on closer markets. Cold container shipping is playing an important role in maintaining product quality in this context.

To increase market share in 2024, Ms. Phung Thi Kim Thu, a shrimp market expert from VASEP, recommends that businesses need to pay attention to new consumer preferences in the markets. For example, China is trending towards increasing imports of fresh live shrimp and processed products, while South Korea has a high demand for ready-to-eat foods. Forwarder companies are playing an important role in advising and supporting businesses to adapt to these trends.

Despite many challenges, VASEP forecasts that shrimp exports will grow well in the final months of the year, especially in the US and EU markets. With the support of professional cargo transportation services, Vietnam’s shrimp export industry has a solid foundation to achieve the goal of $4 billion in 2024. This not only contributes significantly to the development of the seafood industry but also contributes substantially to national economic growth.