HCM City (VNA) - Having identified its weakness in 2023, entering thefirst quarter of 2024, Vietnam's shrimp industry has undergone a clear change,reflected through increases in exports to major markets.

According to statistics of the GeneralDepartment of Vietnam Customs, shrimp exports are estimated at 620 million USDduring January-March, up 24% year-on-year. Notably, earnings from shipments to the US and Chinesemarkets are estimated to increase by 26% and 140%, respectively.

Regarding the Chinese market, Kim Thu fromthe Vietnam Association of Seafood Exporters and Producers (VASEP) said that Chinahas reduced imports from Ecuador - its largest shrimp supplier, and increased imports from Vietnam. In this market, Vietnam has to compete in pricewith rival suppliers, however, many buyers in China consider Vietnamese shrimpto be of higher quality than those of Ecuador and India, so they accept higherprices.

For the US, shrimp industry experts saythat sales of fresh and frozen seafood in this market are forecast to stabilisein 2024, after facing many difficulties in 2023 due to inflation and people’stightening spending. Compared to some of the US’s main shrimp suppliers, whichare India, Ecuador, and China, Vietnam is considered more promising, especiallywhen diplomatic relations between Vietnam and the US are developing well.

According to a representative of the VASEP,value-added processed shrimp products account for 40% - 45% of the total annualshrimp export value. The processing level of Vietnamese shrimp enterprises isat a high level in the world and this is a competitive advantage of Vietnameseshrimp in the Japanese market.

However, the sector is advised to keep up its efforts, because the competition from other countries remains fierce.

According to former VASEP Chairman Ho QuocLuc, Vietnamese shrimp products have a good quality, but their prices are at ahigh level.

Therefore, farmers and exporters arerecommended to seek measures to maintain quality and reduce production costs./.