Vietnams shrimp exports rake in US$1.7 billion H1

Vietnam’s shrimp export revenue in June hit nearly US$402 million, bringing the six-month figure to US$1.7 billion, up 13% year-on-year, reported the Vietnam Association of Seafood Exporters and Producers (VASEP).

Specifically, the country’s shrimp exports to the US grew by 45% monthly; Japan up 17%; the Republic of Korea, 10%; and several European nations, 15-60%. 

Though the US accounts for 30% of the world’s shrimp import turnover and 22% of Vietnam’s shrimp exports, Vietnamese shrimp products secured only 8.5% of the US market share, behind India, Indonesia and Ecuador. 

Deputy Director of the Department of Industry and Trade of Ca Mau province Duong Vu Nam said the locality expects to earn over US$1 billion from shrimp exports this year, contributing 25% of the country’s shrimp export earnings. 

Experts attributed the growth to advantages from new-generation free trade deals such as the EU-Vietnam Free Trade Agreement (EVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the UK-Vietnam Free Trade Agreement (UKVFTA). 

Nam said Ca Mau is now home to 40 shrimp processors and exporters, including 32 aquatic product processing plants with an annual capacity of 250,000 tonnes. Their products have been shipped to more than 60 countries and territories around the world. 

Their counterparts in the southern province of Bac Lieu are also working to fully tap the EVFTA with taxes reduced to zero percent from 12-20%. 

In order to maintain prestige on the market, experts suggested domestic shrimp farmers and businesses enhance chain connectivity, take synchronous measures to meet demand of importers.