Illustration photo
Vietnam possesses a underwater ‘treasure trove’ that brings in billions of USD each year in the form of shrimp. According to data from the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s shrimp exports brought in over 3.4 billion USD in 2023, a 22% decrease compared to 2022 due to a volatile year in the shrimp industry.
In terms of market, the United States is the largest market for Vietnamese shrimp with an export turnover of 682 million USD, a 15% decrease compared to 2022. Despite the decline, this market has shown signs of recovery in the latter months, consistently growing in double digits since July.
At Shaking Crab, a seafood restaurant chain in New Jersey (United States), they often choose shrimp products sourced from Vietnam or Mexico to prepare their shrimp dishes. According to the chefs here, Vietnamese shrimp is firm, crispy, and sweet. Shrimp dishes combined with Shaking Crab’s special sauce are a favorite on the menu for many customers, whether dining in or taking out.
According to statistics from the U.S. National Fisheries Institute, shrimp is the most preferred seafood in the U.S. menu. Every year, the average American consumes about 2 kg of shrimp.
It is projected that Vietnamese shrimp exports to the U.S. will slightly increase in 2024 as food consumption improves, inflation cools down, and retail sales in the U.S. recover.
Source: Vietnam Association of Seafood Exporters and Producers (VASEP)
The second largest market for Vietnamese shrimp is China. In 2023, Vietnamese shrimp exports to China & Hong Kong reached 607 million USD, an 8% decrease compared to 2022.
The demand for shrimp imports in China continues to rise, but the influx of low-priced shrimp from various sources makes it difficult for Vietnamese shrimp to compete on price.
The third largest market for Vietnamese shrimp is Japan. In 2023, shrimp exports to this market reached 511 million USD, a 24% decrease compared to 2022. In the last month of 2023, shrimp exports to this market increased by 6% compared to the same period in 2022.
In addition to the above-mentioned markets, European customers cannot be ignored. In 2023, Vietnamese shrimp exports to the EU reached 421 million USD, a 39% decrease compared to 2022.
Vietnam’s competitors in the EU market include Ecuador and India. In this market, Vietnamese shrimp still maintains its advantage in the premium segment.
The Vietnam Association of Seafood Exporters and Producers (VASEP) forecasts that the country’s seafood exports will gradually recover in 2024 and become more optimistic in the second half of the year. The industry’s total sales volume can reach 9.5 – 10 billion USD, with the shrimp sector aiming for 4 billion USD.
VASEP forecasts that the shrimp export situation this year will be more positive as global shrimp supply continues to grow steadily, especially shrimp from Ecuador. However, Ecuador’s shrimp production will also see a slight decline in 2024.
Vietnamese shrimp exports are expected to recover and increase by 10 – 15% this year. Demand is forecasted to rebound starting from the latter 6 months of the year, as inflation pressures ease and importers’ inventory levels decrease. This is an opportunity for shrimp prices to rise again.
