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Vietnam has become the second-largest shrimp exporter globally, accounting for 13-14% of total global shrimp export value. Despite this achievement, the goal set by the National Action Plan to develop Vietnam’s shrimp industry by 2025—a $10 billion export target—seems increasingly difficult to reach.
According to the Association of Seafood Exporters and Producers (VASEP), shrimp exports in May 2024 reached USD 361 million, bringing the total shrimp export turnover for the first five months of 2024 to USD 1.335 billion. The industry aims for an export turnover between USD 4 billion and USD 4.3 billion for 2024.
The Elusive $10 Billion Target
Vietnam is among the top five shrimp-producing countries globally, along with Ecuador, China, India, and Indonesia. The shrimp farming area in Vietnam covers 737,000 hectares, with an output of 372,000 tons in the first five months of 2024, up 3.8% from the same period last year.
The National Action Plan, introduced in 2018, set goals to expand the shrimp farming area to 750,000 hectares and achieve an output of over 1 million tons by 2025. While these targets have been met, export value has stagnated since 2018.
Stagnation in Export Value
From 2017 to 2022, Vietnam’s shrimp export value hovered around USD 3.7 billion to USD 4.3 billion, peaking in 2022. However, it dropped to USD 3.38 billion in 2023. The industry aims to reach USD 4 billion in 2024, but the USD 10 billion target appears unfeasible. Dr. Ho Quoc Luc, former Chairman of VASEP, cites lower export prices, geopolitical conflicts, and rising costs as key factors affecting the industry.
The Mekong Delta is the heart of Vietnam’s shrimp farming, covering over 90% of the country’s shrimp farming area. Ca Mau and Bac Lieu are leading provinces, with significant shrimp farming areas and outputs.
In May 2024, Ca Mau approved a shrimp industry development plan for 2021-2030, with an estimated investment of VND 20,000 billion (USD 782.77 million). By 2030, Ca Mau aims to maintain a stable farming area of 280,000 hectares and achieve a farmed shrimp output of 350,000 tons with an export value of USD 1.65 billion.