The shrimp industry confidently enters a new era of technology

In 2024, shrimp exports capitalized on the recovery of demand and import prices in the U.S. and Chinese markets, leading to remarkable growth in these two major markets. Additionally, Vietnamese shrimp exporters maintained their foothold in markets such as Japan, South Korea, and the EU, thanks to their reputation, product quality, and the advantage of value-added shrimp products.

Free trade agreements also created a competitive edge, enabling shrimp products to expand into markets like the UK, Canada, Australia, and Singapore.

Shrimp, as a primary export product, continued stable growth and achieved a breakthrough by year-end. Inflation still influenced shrimp consumption in various markets, and competition remained intense, particularly from countries like India, Ecuador, and Indonesia. Meanwhile, the largest import market, the U.S., persistently imposed trade barriers such as anti-dumping and countervailing duties.

Amid these circumstances, Vietnam’s shrimp sector achieved an export milestone of nearly USD 4 billion, a 15% increase compared to 2023. This success was driven by efforts to expand shrimp farming toward low-cost, high-yield, and easily managed models, along with diversifying product segments, including fresh, live, frozen, and processed shrimp from species like whiteleg shrimp, black tiger shrimp, lobster, and marine shrimp.

The Vietnam Association of Seafood Exporters and Producers (VASEP) credited this impressive export performance, despite numerous challenges, to the dedication of enterprises and the support and cooperation of the government, ministries, and local authorities in removing barriers and facilitating business operations.

Provinces like Soc Trang, Ca Mau, and Bac Lieu led export growth, contributing USD 800–900 million to the country’s total shrimp export revenue in 2024.

The USD 10 billion seafood export milestone in 2024 marks a turning point for the industry, focusing on developing value-added products, promoting green economics, and reducing environmental pressures. This milestone reflects the sector’s readiness to enter a phase of modern, sustainable development aligned with global trends.

“In 2025, we hope the difficulties and challenges of 2024 will ease, with increased government support and collaboration. Farmers, fishers, and enterprises will be motivated to overcome obstacles and achieve their desired results. The shrimp export sector is confident in joining the seafood industry in a new era—an era of advanced technology, sustainability, and transparency,” VASEP commented.

In 2024, export shrimp prices showed signs of increase, particularly for whiteleg shrimp, improving profit margins for businesses. Raw shrimp prices also remained positive, supporting production and exports. For example, in November, the price of shrimp sized 50–60 pieces per kilogram rose by VND 5,000 – 9,000 per kilogram compared to the previous month, averaging VND 103,000 per kilogram.

A representative of a shrimp exporting enterprise noted that the production cost of Vietnamese shrimp is too high, 30% higher than in India and Indonesia and double that of Ecuador, making Vietnamese shrimp less competitive. Exporters need to change their mindset, focusing on sustainability and efficiency, particularly in terms of quality, environment, health, and pricing.

Although the record shrimp export revenue of USD 4.3 billion in 2022 has not been surpassed, the industry showed clear recovery in 2024, compared to USD 3.4 billion in 2023. Additionally, processed shrimp products have seen significant growth, signaling a positive trend as enterprises shift toward value-added products.

VFM