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Shrimp exports forecast to rise by 15% in 2024

The Saigon Times

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HCMC – Vietnam’s shrimp exports are forecast to rebound and rise by 10-15% year-on-year, with revenue reaching US$4 billion, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Tran Thuy Que Phuong, head of VASEP’s office, shared insights on the challenges and opportunities facing the Vietnamese shrimp industry in 2024 during a conference held yesterday, February 23, by the Ministry of Agriculture and Rural Development in Bac Lieu Province.

Despite the ongoing economic challenges in 2024, the Vietnamese shrimp industry is poised for a gradual recovery, buoyed by resurging consumption demands in international markets and an uptick in the production of value-added products and deep processing, she said.

There is a shift in consumer preferences towards protein products sourced from seafood over those from animals, offering favorable prospects for growth and development in the seafood industry, particularly shrimp.

The U.S. and China are expected to remain the two largest buyers of Vietnamese shrimp in 2024, constituting 40-45% of the total export value for the industry.

“Rising customer demand in other markets is also a driving force for the growth of Vietnamese shrimp exports,” said Phuong, as quoted by Tuoi Tre news site.

According to the Ministry of Agriculture and Rural Development, the brackish water shrimp farming area nationwide remained unchanged at 737,000 hectares in 2023 compared to 2022.

Despite shrimp production expanding by 5.5% to around 1.12 million tons year-on-year, the export value stood at only US$3.45 billion, a 19.8% decline compared to 2022.

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