The Vietnam Association of Seafood Exporters and Producers (VASEP) is optimistic about the prospects of the country’s seafood exports in 2024. According to their forecast, the industry-wide sales are expected to gradually recover, with a potential range of USD 9.5 to 10 billion. Notably, the shrimp industry is eyeing a target of USD 4 billion, indicating a positive trajectory.

Global Shrimp Supply Dynamics

VASEP anticipates a favorable situation in the shrimp export landscape for Vietnam. The global shrimp supply is on a steady rise, with a notable contribution from Ecuador. However, it’s worth noting that Ecuadorian shrimp production is projected to decrease slightly in 2024.

Vietnamese Shrimp Exports Set to Grow

The shrimp industry in Vietnam is poised for growth, with a projected increase of 10-15% in exports for the year. The demand is expected to pick up in the latter half of 2024, fueled by a decrease in inflationary pressures and reduced inventories at importers. This anticipated recovery provides an opportune moment for shrimp prices to see an upward trend.

Shrimp Industry’s Role in Vietnam’s Seafood Exports

Over the past two decades, the shrimp industry has played a pivotal role in Vietnam’s seafood exports. Currently, businesses are focusing on enhancing product quality and sales prices, aiming to capitalize on opportunities within this billion-dollar industry in the coming year.

Bac Lieu Province’s Success in 2023

In 2023, businesses in Bac Lieu province achieved significant success in maintaining traditional export markets, including Japan, the EU, the United States, China, and Korea. The province generated an impressive 970 million USD in seafood exports, primarily driven by shrimp sales.

Increasing Order Demand

Moreover, there has been a resurgence in order demand from other countries, particularly during year-end festivals. This surge in demand has facilitated a breakthrough for the seafood export sector in Bac Lieu province during the last months of the year, enabling them to meet and exceed their set goals.