Vietnam shrimp exports hit $4 bln on rebounding demand

In 2024, Vietnam's shrimp industry remained robust, heading towards an export milestone of nearly $4 billion, a 15% increase compared to 2023, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

This achievement was thanks to a positive recovery in demand from two major markets - China and the United States, along with the continued foothold maintained by Vietnamese businesses in other markets such as Japan, South Korea, and the EU, VASEP reported.

Additionally, free trade agreements also provided a competitive edge for Vietnam's shrimp products to accelerate their entry into various markets such as the UK, Canada, Australia, and Singapore.

The shrimp export turnover in 2024 is a source of pride, and the result of the efforts of the aquaculture community in various localities, with the Mekong Delta provinces of Soc Trang, Ca Mau, and Bac Lieu being at the forefront, contributing between $800-900 million to the country's total shrimp export turnover in 2024.

However, the shrimp industry is growing slower than the 5-year plan set out in 2021.

In 2021, VASEP had stated that the shrimp industry still had a lot of potential for growth, with a projected growth rate of about 9% per year in the 2022-2025 period; and that by 2025, shrimp export turnover would reach $5.5 billion.

However, with the result of $4 billion in 2024, it is predicted that shrimp exports in 2025 will only reach the mark of $4.3-4.5 billion, which is $1 billion lower than the target set for the year.