Vietnam’s shrimp industry has been riding a wave of growth in 2024. With exports totaling USD 3.2 billion in the first 10 months—a 13% year-on-year rise—the sector showcases its resilience amid shifting global market dynamics. October alone contributed USD 394 million, marking a 24% increase from the same period in 2023, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Robust Demand Across Key Markets

Major markets for Vietnamese shrimp have witnessed double-digit growth in 2024, driven by improving global demand and favorable conditions. Mainland China and Hong Kong have emerged as standout destinations, with exports to these markets reaching USD 676 million, a remarkable 31% increase from the previous year. China’s consumer stimulus measures have played a pivotal role, further boosting demand for high-value seafood products.

In the European Union (EU), shrimp exports climbed to USD 408 million, a 32% surge compared to the previous year. This consistent growth, which began in April, underscores Vietnam’s ability to meet the EU’s rising demand for premium shrimp products.

The United States, Vietnam’s second-largest shrimp importer, accounted for USD 646 million in purchases—a 10% year-on-year increase. A decline in global supply, improved sentiment, and reduced inventories have spurred American buyers to stockpile shrimp ahead of potential import tax hikes under President-elect Donald Trump’s administration.

Recovering Asian Markets

Closer to home, Vietnam’s shrimp exports to Japan and South Korea rebounded strongly in October, growing by 18% and 28% year-on-year, respectively. These recoveries mark a positive turn after a period of volatility in these traditionally stable markets.

Export prices for shrimp, particularly white-leg shrimp, have been trending upwards, providing businesses with healthier profit margins. Vietnamese companies have also been capitalizing on the rising demand for processed shrimp products. By focusing on high-value offerings, enterprises are solidifying their competitive edge in the global seafood market.