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Thursday, July 25, 2024

Shrimp industry eyes sustainable growth amid challenges

The Saigon Times

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HCMC – Vietnam’s shrimp industry, despite facing significant market fluctuations and international competition, continues to assert a strong global presence thanks to the resilience of businesses and shrimp farmers.

Shrimp exports in the first half of 2024 have reached nearly US$1.56 billion, a 7% increase compared to the same period last year, according to the General Department of Vietnam Customs.

Vietnamese shrimp is now available in 103 countries and territories, with China, the U.S., and Japan as the top markets.

However, the industry is encountering several challenges. Strong competition from Ecuador, India, and Indonesia is impacting export prices, the Vietnam News Agency reported, citing Ho Quoc Luc, chairman of Sao Ta Foods JSC.

Geopolitical uncertainties, rising transportation costs, and a U.S. anti-dumping lawsuit have further compounded these challenges.

To overcome these hurdles, businesses are adopting a new value chain approach to shrimp production. This involves incorporating scientific technologies and fostering close collaboration between farmers, input suppliers and processors.

In Bac Lieu Province, a major shrimp farming hub in the Mekong Delta, farmers are investing in infrastructure and developing high-tech farming models. The aim is to position the region as a leading supplier of high-quality shrimp.

Companies are also actively seeking new markets, diversifying products, and investing in technology to enhance the quality and value of Vietnamese shrimp.

Phung Thi Kim Thu, an expert from the Vietnam Association of Seafood Exporters and Producers (VASEP), stressed the need to understand consumer trends and increase market share. She urged businesses to focus on processed, value-added products that meet evolving demands.

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