EU to be the first billion dollar market of Vietnams shrimps

EU is now the largest importer of Vietnamese shrimps with volume reaching over 800 million USD per year. Shrimp sector is expecting one billion USD in sales to this market this year.

As reported by VASEP, in 2018 Vietnamese shrimp exports to EU reached 838.3 million USD, down 2.8% compared to the previous year. It was caused by slump in shrimp export price in the whole world but consumption over the last half-year.

According to Agency of Foreign Trade under Ministry of Industry and Trade, demand in shrimp of EU is still high. More and more EU consumers buy frozen shrimps from supermarket for their own cooking instead of enjoying shrimps in restaurants. This is an advantage for Vietnam to boost its shrimp sales in EU. Besides, EU’s demand in processed shrimps, especially steamed raw shrimps, is increasing. Vietnam might see plenty of opportunity to export frozen and processed shrimps to EU.

In expectation of potential market and EVFTA Agreement, Vietnam’s shrimp sector is putting its effort into EU market with target of one billion USD in exports. If any, this would be the first importer of Vietnamese shrimps worth one billion USD.

According to VASEP, in order to fulfill this target, quality of exported shrimps must be improved in accordance with Global Certifications. While countries in the South and East Europe do not require ASC-certified shrimps, others in the region put this product in priority. Thus, companies need review ASC-certified shrimp products and make it an essential requirement when exporting to EU. Besides, consumer behavior need be changed into buying ASC-certified shrimps.

Vietnam’s shrimp sector will focus on big market in EU such as England, Netherlands and German. England is now one of the largest buyers of Vietnamese shrimps, representing nearly 36% of total exports to EU. Shrimp exports to England grew from 114.6 million USD to 212.1 million USD from 2014 to 2017, up 84%, and reached over 200 million USD in 2018.

Receiving benefit from GSP tax like general regulations in export to EU, Vietnamese processed shrimps have advantages in terms of price and quality over ones from India and Bangladesh. To hold the market and boost shrimp exports to England, Vietnam’s companies need provide products at sufficient quantity reasonable price, and improved quality, to meet local consumers’ demand.