Vietnam’s shrimp exports face global competition

HANOI, July 29 (Xinhua) — Vietnam’s shrimp exports grew in the first half of this year, but the market is facing competition from other countries in the world, Vietnam News Agency reported Monday, citing the Vietnam Association of Seafood Exporters and Producers.
Besides facing price competition with Ecuadorian and Indian shrimp in the U.S. and EU, Vietnamese shrimps face an additional problem: disease outbreaks in farmed shrimp, potentially causing a shortage of raw materials for processing, said the report.
The country’s shrimp export revenue reached roughly 1.6 billion U.S. dollars in the first half, up 6 percent year-on-year, according to the association.
After decreasing in May, the Chinese mainland and China’s Hong Kong, the largest export market of Vietnamese shrimps, showed a recovery in June with 328 million dollars in revenue, 17 percent higher than the same period 2023.
It is forecast that by the end of the year, Vietnam’s shrimp exports to the Chinese mainland and Hong Kong will be under pressure on price, especially for black tiger shrimp and white-leg shrimp.
In the second half of this year, it is expected that the main import markets of Vietnamese shrimps will have better markers, such as lower inventory, easing of transportation difficulties and recovery in demand and prices.
If all expectations follow a positive scenario, Vietnam could achieve a shrimp export value of 4 billion dollars in 2024, said the association. ■