Marking 10 years of exporting
Before Vietnam - the United States established a Comprehensive Partnership in 2013, Vietnamese shrimp exports to the US were only around 500 million USD. After 2013, Vietnamese shrimp exports to the US grew quickly. In 10 years (2013-2022), Vietnamese shrimp export turnover to the US ranged from 638 million USD - over 1 billion USD. During this 10-year period, there were two years when shrimp exports to the US recorded an export turnover of over 1 billion USD, which were in 2014 and 2021.
In 2014, Vietnam’s shrimp exports to the US increased to a record of over 1 billion USD, up 28% over the same period in 2013. In 2014, shrimp prices in the US market remained high, a main factor contributing to growth in export value. A stronger US dollar compared to other currencies along with an improving economy helps boost shrimp imports into this market. From 2016-2018, shrimp exports to the US tended to slow down due to high anti-dumping taxes.
In 2021, Vietnamese shrimp exports to the US will reach nearly the record level of 2014 with over 1.04 billion USD thanks to retail sales in the US maintaining increased during the pandemic and demand for restaurants and food services. in the US recovered quickly thanks to the US Government's economic stimulus packages and the strategy of opening up and living with Covid.
Vietnam’s shrimp exports to the US in 2022 decreased compared to 2021 due to record inflation in the US, high inventory, weak purchasing power, and decrease in shrimp exported price.
As of August 15, 2023, shrimp exports to the US reached 405 million USD, down 30%
In 2022, shrimp exports to the US decreased compared to 2021 due to record inflation in the US, high inventory while purchasing power decreases, and the price of shrimp exported to the US decreases.
The downward trend of 2022 continues into 2023. As of August 15, 2023, shrimp exports to the US reached 405 million USD, down 30%. Although it has decreased continuously since the beginning of the year, in July, exports to the US recorded the first month of positive growth compared to the same period last year.
US shrimp import demand will more positive in the second half of 2023
According to NOAA, the US imported 69,501 tons of shrimp in July 2023, an increase of 3% compared to July 2022. For the first time after 13 months, US shrimp import volume recorded positive growth compared to the same period last year.
Orders from retailers tend to increase, demand for the year-end holidays is more positive, and the need to import goods for next year's "Vegetarian Festival" (Lent) is also increasing. It is forecast that in November and December this year, US demand for shrimp imports will also be more positive.
After 10 years of establishing the Comprehensive Partnership (2013-2023), on the occasion of the State visit to Vietnam by US President Joe Biden, Vietnam and the US on September 10, 2023 announced to upgrade their bilateral relations to the highest level "Comprehensive Strategic Partnership". This important event hopes to open up new opportunities for trade in goods, including seafood, between the two countries to become increasingly developed and sustainable.
Compiled by Thuy Linh
The UK joining CPTPP not only does not create barriers but also brings many advantages and great opportunities for domestic footwear and seafood businesses.
Deputy Minister of Agriculture and Environment Phùng Đức Tiến talked to Việt Nam News reporter Tố Như about the future development orientation after the ministry officially began operations.
(vasep.com.vn) Vietnam is signatory to three new-generation Free Trade Agreements (FTAs), and specifically with the United Kingdom (UK), maintains two FTAs: the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the UK-Vietnam Free Trade Agreement (UKVFTA). The confluence of content and approaches within these two Agreements fosters a conducive environment for enterprises from both nations to maximally leverage trade and investment opportunities, notably encompassing Pangasius exports to the UK.
(seafood.vasep.com.vn) Sao Ta (FMC - HoSE), a key subsidiary of PAN Group, has announced impressive business results for February. The company's shrimp production reached 1,913 tons, a 106% increase compared to the same period last year, while agricultural product production reached 67 tons, up 6%.
(seafood.vasep.com.vn) The tuna export market of Vietnam in the first month of 2025 has seen notable fluctuations. Exports to most major markets have decreased compared to the same period in 2024.
The Seafood Expo Global is the largest seafood industry event in the world, truly becoming a professional playground and a strong foundation for connecting the international seafood community. The Seafood Expo Global (SEG) 2025 will take place from May 6 to May 8, 2025 in Barcelona, promising to be an important platform for the global seafood community to meet, trade, and seek business opportunities in seafood industry.
(seafood.vasep.com.vn) According to data from Vietnam Customs, Vietnam’s pangasius exports in January 2025 reached over USD 133 million, marking a 19% decline compared to the same period last year. Notably, the ranking of the top pangasius import markets saw significant adjustments.
(seafood.vasep.com.vn) According to a report by the General Statistics Office, the estimated pangasius output for January 2025 reached 102.5 thousand tons, representing a 6.0% increase compared to the corresponding period of the preceding year. This surge is attributed to the rise in pangasius material prices within the Mekong Delta, which has incentivized aquaculture farmers to expand their stocking activities. Concurrently, this price increase has facilitated processing enterprises to intensify procurement efforts to meet export demands during the early part of the year.
(seafood.vasep.com.vn) Between 2015 and 2024, Vietnamese pangasius exporting enterprises have undergone notable transformations in rankings and experienced fluctuations in developmental strategies, competitive intensity, and business efficacy. This dynamic is clearly illustrated through shifts in export turnover and the proportional contribution to the national pangasius export volume among the Top 5 enterprises.
(seafood.vasep.com.vn) The outlook for Vietnam’s seafood exports remains positive, with a strong focus on maintaining growth in key markets like China and the U.S., while diversifying into new regions. As global trade policies continue to evolve, adaptability and strategic planning will be key to navigating the challenges ahead.
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