In 2019 shrimp production and process industry sets a target of 4.2 billion USD in export value and 10 billion USD in volume.
According to Vietnam Association of Seafood Exporters and Producers (VASEP), shrimp exports slumped 8% with value reaching only 3.55 billion USD. Thus although shrimps export made the highest value, its rate in export volume decreased from 46% in 2017 to 40% in 2018.
VASEP saysshrimp sector saw an unstable year since production and process were seriously challenged. That was because material sources were not carefully controlled, prohibited antibiotics were kept being used and contamination was injected into the system.
Besides, shrimp material of Vietnam stayed so high as compared to other countries in the region. Increased expenses on input material affected market price and competitiveness of processed shrimps.
According to VASEP, seafood industry increased 6% in 2018; meanwhile it could have reached 10-12% actually. With its untapped potential and incoming commercial advantages, it is possible to achieve 10 billion USD from seafood export volume.
Each industry is required to fulfill its own mission with shrimp sector being gaining 4.2 billion USD. If so, seafood industry may reach 10 billion USD easily.