Vietnamese shrimp exports target $4 billion
Vietnam’s shrimp export industry aims to reach $4 billion in revenue by year-end, with 1.1 million tons of shrimp produced and $2.8 billion earned in exports in the first three quarters of 2024.
According to Chau Cong Bang, Deputy Director of Ca Mau’s Department of Agriculture and Rural Development, the province achieved 200,000 tons of farmed shrimp in the first 10 months, reaching 82.3% of the annual target, marking a 2% year-on-year increase. Export revenue from shrimp in Ca Mau reached $968 million, or 87% of the year’s target, up by over 12% from last year. Despite positive growth, low shrimp prices have significantly impacted profit margins for both farmers and businesses, presenting a considerable challenge for the industry.
Global shrimp production is expected to rebound by late 2024 and stabilize through 2025, potentially boosting Vietnamese shrimp exports. Favorable conditions may arise as the U.S. considers imposing higher anti-dumping and countervailing duties on shrimp imports from Ecuador, India, and Indonesia in December. This shift could create an opportunity for Vietnamese shrimp to make gains in the U.S. market, helping to drive the sector toward its $4 billion goal.
Tran Dinh Luan, Director of the Directorate of Fisheries, highlighted that low profits among shrimp farmers stem from high production costs, escalating disease challenges, and difficulties in disease management. “Increasing productivity must align with profitability for both farmers and businesses,” he noted. He emphasized the importance of sustained marketing efforts to enhance product visibility among consumers. He also urged companies to closely monitor market trends and adapt quickly to maintain competitive standing in global markets.
VFM
