In 2021, Vietnam's shrimp exports will face many difficulties due to the impact of the 4th Covid-19 epidemic. The Covid-19 epidemic disrupts the global supply chain, increasing costs, especially shipping costs to markets.
The bright spot of Vietnamese shrimp in 2021 is to maintain a fairly good growth in the US market throughout the year. In 2021, Vietnam's shrimp exports to the US reached over 1 billion USD, an increase of 20% compared to 2020.
In 2021, Vietnam's shrimp market share in the US market has increased to 13% from 11% in 2020. Retail sales in the US maintained an increase during the pandemic. Demand for restaurants and food services in the US gradually recovered thanks to the economic stimulus packages of the US Government and the strategy of opening up and living with Covid. The growth rate of Vietnam's shrimp exports to the US will continue until the first quarter of 2022.
Along with the US, the EU is also a Vietnamese shrimp import market that recorded positive activity in 2021. In 2021, Vietnam's shrimp exports to the EU reached more than 613 million USD, up 19% compared to 2020. Shrimp exports to three main markets (Netherlands, Germany, Belgium) increased by 11%, 25% and 19%, respectively.
One year after the EVFTA Agreement between Vietnam and the EU took effect, Vietnam's shrimp exports to the EU market recorded good growth.
In contrast, Vietnam's shrimp exports to China and Japan in 2021 decreased.
Vietnam's shrimp exports to China in 2021 will reach more than $412 million, down 22%. In 2021, exports to China dropped sharply because the country applied a "zero Covid" policy and strict inspection at the port to prevent the Covid epidemic.
Exports to Japan in 2021 will reach 578 million USD, down 6% compared to 2020. The country's economic growth slows down because Covid reduces the demand for seafood, including shrimp. Vietnam's shrimp exports to Japan are still subject to 100% inspection regulations, so shrimp exports to this country in 2021 cannot increase.
For more information on Vietnam's shrimp production and export over the 5-year chain (2016-2021), the impact of Covid on the industry, and trends in world markets, please refer to the Report on shrimp sector in Vietnam, 2016-2021 and forecast to 2025.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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