Vietnam’s seafood export sector is experiencing growth in 2024, with shrimp at the forefront. The Ministry of Agriculture and Rural Development (MARD) reports that shrimp exports alone generated USD 2 billion in the first seven months, marking a 7.5% increase year-on-year.

Key Market Trends

Major importers such as China, the United States, Japan, and the EU are driving this growth. Shrimp exports to China and Hong Kong surged 17% to USD 328 million, while the US market contributed USD 303 million, a 1% increase. Exports to Japan fell 3% to USD 229 million, while the EU saw a 13% rise to USD 217 million.

The Vietnam Association of Seafood Exporters and Producers (VASEP) anticipates continued growth driven by large-scale purchases for the year-end holiday season and improving inventory and transportation conditions. However, challenges persist, including intensified competition from Ecuador, India, and Indonesia, which has led to falling shrimp prices.

Addressing Global Challenges

Geopolitical tensions, particularly in the Red Sea, are straining global supply chains, complicating shipments to key markets. Local businesses are also adapting to changing consumer preferences, with shifts toward fresh and processed seafood options.

To mitigate reliance on traditional markets, Vietnamese shrimp exporters are actively seeking new opportunities. The government supports these efforts through policies aimed at improving product quality and investing in research and technological advancements in shrimp farming and processing.

With exports reaching around 100 countries, Vietnam ranks among the top three shrimp exporters globally, accounting for 13-14% of total global shrimp export value.