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Vietnam is currently in possession of a “gold and silver mine” that is increasingly favored by many countries: shrimp products. According to information from the Directorate of Fisheries (Ministry of Agriculture and Rural Development), in the period of 2010-2023, Vietnam had an area of brackish water shrimp farming reaching 644,000-737,000 hectares, exporting shrimp to about 100 countries with 5 major markets such as: Europe, the US, Japan, China, South Korea… This result has made Vietnam the second largest shrimp supplier in the world, with export value accounting for 13-14% of the total global shrimp export value.
According to statistics from the Vietnam Association of Seafood Processors and Exporters (VASEP), Vietnam’s shrimp exports in March earned over 275 million USD, up 4.2% compared to the third quarter of 2023. In the first quarter, this item earned 686 million USD, an increase of 14% compared to the same period last year.
In the first quarter, the US, Japan, and the EU were the largest export markets for the Vietnamese shrimp industry, respectively. The US is the largest import market with a 15% increase in the first quarter. Besides, Japan is also increasing its import of shrimp and crab from Vietnam, with whiteleg shrimp increasing by 20%.
With two main species of shrimp, black tiger shrimp and whiteleg shrimp, Vietnam has many advantages to develop the shrimp industry. The main farming areas are concentrated in the provinces of the Mekong River Delta, accounting for 95% of the shrimp output and are also the center of shrimp processing factories. The five provinces with the largest shrimp farming areas include Ca Mau, Bac Lieu, Soc Trang, Ben Tre, and Kien Giang. To date, there are approximately 200 shrimp processing plants approved by the European Commission, with periodic on-site inspections taking place in Vietnam.
Earlier, in 2023, seafood exports earned about 9.2 billion USD, reaching 92% of the target (10 billion USD). Shrimp products alone earned 3.45 billion USD, in which the Top 5 Vietnamese shrimp exporting enterprises achieved over 150 million USD, accounting for nearly 35% of the total export turnover. Vietnam is rated as the country with the most modern shrimp processing technology and has the advantage of producing high value-added products.
According to VASEP’s assessment, entering 2024, Vietnam’s shrimp exports have experienced a breakthrough growth since the beginning of the year as major markets have increased imports. Compared to some major shrimp suppliers in the US such as India, Ecuador, and China, Vietnam is considered to have more potential, especially when the Vietnam-US diplomatic relations are good, creating more opportunities for Vietnamese goods to enter the US. The US is also pursuing a policy of increasing purchases from other countries, reducing dependency on Chinese goods. However, the export of shrimp to the US in 2024 will be somewhat affected by the US’s anti-subsidy investigation into shrimp from four countries, including Vietnam.
In addition, the demand for products with protein from seafood is gradually replacing the source of protein from livestock; therefore, in the near future, seafood, especially shrimp, will have opportunities for development. According to the Ministry of Agriculture and Rural Development, the plan for 2024 is for the shrimp farming area to be equivalent to that of 2023, with the export turnover target set at 4 – 4.3 billion USD.
