Shrimp exporters eye over US$4 billion in export in 2021
During the initial 11 months of last year, shrimp exports rose by 11.3% to US$3.4 billion despite the adverse impact of the novel coronavirus (COVID-19) pandemic and saline intrusion causing a decline in brackish water shrimp output, especially tiger shrimp.
Most notably, strong export growth was recorded in markets such as the United States, Canada, and Australia, with local businesses seeking more outlets and persified products which are suitable for different market segments in an effort to increase exports.
Economists believe that shrimp exports will witness robust growth in 2021 providing that businesses take full advantage of FTAs, while shrimp farming and processing procedures must be ensured.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the global demand for shrimp is likely to rise, especially in the context of complicated developments relating to the COVID-19 pandemic.
The association says that Vietnam enjoys advantages over other rivals due to its successful containment of the COVID-19 epidemic. Major consuming markets such as the US, the EU, and China, have chosen to buy shrimp from Vietnam, thereby opening up bright prospects ahead for the local shrimp industry.
The VASEP forecasts that the shrimp industry is likely to achieve an export turnover of between US$4 billion and US$4.4 billion by focusing on developing the farming areas and investing in technologies and intensive processing in an attempt to meet the stringent requirements imposed by importing countries.
Nguyen Quoc Toan, director-general of the General Department for Agricultural Products Processing and Market Development, notes that along with organising a series of trade promotion events to promote shrimp exports, the department will also host a range of activities aimed at stimulating consumption among the domestic market.
Related News
Tuna exporters aiming for smaller markets
15:51 | 27/03/2023 Import-Export
Shrimp exports face many difficulties in 2023
14:51 | 19/03/2023 Import-Export
Customs answer enterprises' questions to make use of the advantages of FTAs
10:09 | 13/03/2023 Customs
Measures sought to boost Mekong Delta shrimp sector growth
20:16 | 04/03/2023 Import-Export
Latest News
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
Mong Cai international border gate sees strong recovery
16:15 | 05/04/2023 Import-Export
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Import and export turnover across Cao Bang prospers but still exists difficulties
10:25 | 05/04/2023 Import-Export
More News
Cashew industry strives to "get on the shelves of world supermarkets"
10:24 | 05/04/2023 Import-Export
HCM City’s industrial production index down 0.9% in Q1
14:47 | 04/04/2023 Import-Export
Fisheries exports estimated at 1.85 billion USD in Q1
14:45 | 04/04/2023 Import-Export
Quang Ninh aims to attract quality FDI inflows
14:43 | 04/04/2023 Import-Export
Exports face many difficulties
13:29 | 04/04/2023 Import-Export
Manufacturing enterprises increase their competitiveness thanks to digital transformation
13:28 | 04/04/2023 Import-Export
32nd Việt Nam Expo promises to boost business linkages
14:19 | 03/04/2023 Import-Export
Prevention of price risks before news that Indonesia increases rice imports in reserve
09:52 | 03/04/2023 Import-Export
Japanese investors highly appreciate Vietnamese property market
17:41 | 02/04/2023 Import-Export
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
Mong Cai international border gate sees strong recovery
16:15 | 05/04/2023 Import-Export
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Import and export turnover across Cao Bang prospers but still exists difficulties
10:25 | 05/04/2023 Import-Export
Cashew industry strives to "get on the shelves of world supermarkets"
10:24 | 05/04/2023 Import-Export