Vietnamese shrimp export shows signs of recovery

Despite the decline in shrimp export value during the first eight months of this year, positive signs show that export revenue has continuously increased since May, according to Nguyen Viet Thang, Chairman of the Vietnam Fisheries Association.

He made the remarks at a press conference held in Ca Mau Province on October 4, delivering information about the organisation of the Vietshrimp Aquaculture International Fair (VietShrimp 2024).

Thang noted that inflation and inventory in the world tend to decrease when the highest consumption season of the year has begun, thus the shrimp industry has great expectations to change the situation.

According to the Department of Fisheries under the Ministry of Agriculture and Rural Development, despite difficult times, shrimp remains the mainstay of Vietnam’s fisheries industry. Shrimp export turnover contributes about 40-45% of the total seafood export value each year.

Vietnamese shrimp is exported to more than 100 countries and territories and Vietnam has become the second largest shrimp supplier in the world, with export value accounting for 13-14% of the world’s total shrimp export value.

The export revenue of Vietnamese shrimp reached nearly 2.2 billion USD in the first eight months of 2023, down 28% over the same period in 2022.

The VietShrimp 2024 will be held in Ca Mau from March 20-23, 2024, which is expected to improve the situation of the domestic shrimp industry and find solutions to boost the growth and sustainable development of the industry.

About 250 booths run by domestic and foreign enterprises and organisations, are scheduled to be showcased at the event. Fairs and seminars will also be included with the participation of international managers, scientists, experts, and businesses in the shrimp industry.