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Monday, July 22, 2024

Far from attainable

By Trung Chanh

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During the 2017 conference on shrimp industry development, the Government aimed to achieve US$10 billion in shrimp export revenue by 2025, five years ahead of the Ministry of Agriculture and Rural Development’s plan. However, with just over two years left until 2025, the target seems increasingly difficult to reach as the shrimp industry remains in a tough situation. A challenging journey ahead Vietnam earned US$3.85 billion from shrimp exports in 2017, the year former Prime Minister Nguyen Xuan Phuc set an ambitious target. To hit the US$10 billion goal by 2025, shrimp export revenue must rise by US$760 million annually, a growth rate of 19.7% per year. In 2022, Vietnam’s shrimp export revenue reached US$4.3 billion, a record high, but it only increased by US$450 million compared to 2017. The US$10 billion target appears more elusive than ever as the shrimp industry faced challenges in 2023. Data from the Vietnam Association of Seafood Exporters and Producers (VASEP) revealed that shrimp exports yielded just US$1.6 billion in the first half of the year, a plummet of over 31% year-on-year. Vietnam’s shrimp industry also fell short of the action plan outlined in Government Decision 79 of 2018. The plan aimed for US$5.5 […]
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