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Wednesday, June 19, 2024

Vietnam’s shrimp exports to Australia double in five years

By Thanh Tin

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HCMC – Vietnam’s shrimp exports to Australia have doubled since the nation became a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) five years ago.

Vietnam now secures a shrimp market share of a staggering 70% in Australia, up from the pre-CPTPP market share of 32%.

The Vietnamese seafood industry has capitalized on the trade advantages from the CPTPP. Vietnamese seafood has also gained higher market share in other CPTPP member economies.

In Canada, Vietnam’s seafood market share has risen from 7-8% to a solid 10%, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). Shrimp exports to this country have picked up from 18% to 25%, securing the top position.

While the success story continues, VASEP has highlighted the challenges posed by domestic market competition from CPTPP member economies such as Japan, Chile and Australia.

Logistical hurdles have impacted competitiveness. Vietnam’s seafood export sector heavily relies on foreign logistics systems, rendering it vulnerable in times of instability, as witnessed in the recent Red Sea tension.

The ongoing Red Sea tension underscores deeper issues within Vietnam’s logistics industry, where foreign shipping companies wield significant control over pricing and escalating freight rates, according to VASEP.

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