Vietnam’s shrimp export value reached approximately USD 1.6 billion during the first six months of this year, marking a six percent increase compared to the same period in 2022, according to VASEP. June alone contributed USD 344 million to this total, representing a five percent rise on a year-over-year basis.

Key Markets for Vietnamese Shrimp

Among the largest markets, mainland China and Hong Kong emerged as the primary destination for Vietnamese shrimp, demonstrating a recovery in exports in June after a decline in May. In the first half, shrimp exports to this market totaled USD 328 million, reflecting a 17 percent increase from the previous year. However, by the end of the year, exports to this region are anticipated to face price pressures, particularly for black tiger and whiteleg shrimp, as competition from Ecuador, India, and Indonesia intensifies.

The United States stands as the second-largest market for Vietnamese shrimp, with export figures reaching USD 303 million during the first half, a one percent increase year-on-year. Following a dip in May, U.S. exports rebounded in June. Nonetheless, companies are grappling with a dramatic 40 percent surge in shipping costs since the onset of conflict in the Middle East, which adds further complexity to the export landscape.

Competition from Other Countries

Vietnamese shrimp is experiencing fierce price competition in both the U.S. and EU markets from other exporters, especially from Ecuador, India, and Indonesia. VASEP forecasts a slight increase in U.S. demand for Vietnamese shrimp in the third quarter as importers begin stockpiling for upcoming year-end festivals.

In Asia, shrimp exports to Japan decreased by three percent to USD 229 million, while exports to South Korea dropped ten percent to USD 149 million in the same period. Despite these reductions, Vietnam’s value-added shrimp products continue to hold a competitive advantage over suppliers from India and Ecuador in Japan. VASEP anticipates a slight uptick in demand from both Japan and South Korea starting in September.

The EU market, after a slow start in the first quarter, witnessed a resurgence in shrimp exports during the second quarter, with total exports of USD 217 million—a 13 percent increase year-on-year. June’s export value alone reached USD 52 million, reflecting a 31 percent growth.