Sao Ta president: Vietnam's shrimp exports in 2025 can reach $5.6 billion, up 9% per year

Mr. Ho Quoc Luc, Chairman of Sao Ta forecasts that shrimp export in 2025 is estimated at 5.6 billion USD, up 9%/year. In which, the US, Japan and EU are still the key markets of Vietnam's shrimp industry.

According to the Association of Seafood Exporters and Producers (VASEP), in 2021, shrimp exports will face many difficulties due to the impact of the fourth COVID-19 epidemic and the disruption of the global supply chain, transportation costs increased rocketedly. However, export turnover still reached 3.9 billion USD, up 4% compared to 2020.

Mr. Ho Quoc Luc, Chairman of Sao Ta Food Joint Stock Company (Fimex) forecasts that shrimp export turnover in 2025 could reach US$5.6 billion, growing at 9% annually.

Regarding the market, the Vietnamese shrimp industry is determined to maintain and hold up the main markets of the US, Japan, and the EU. At the same time, eyeing to potential markets such as China, Korea, UK, Australia, Canada...

Processing of black tiger shrimp in SVS factory, Photo: SEABINA GROUP

However, which market leads will depend on the specific situation. Because, in the main export markets, Vietnamese shrimp still have certain limitations.

Typically, the anti-dumping case against warm-water shrimp in the US is still valid. Every year, it is necessary to negotiate between two parties to maintain the existing tax rate at 0%, while the lawsuit is still a risk that has not ended. 

In addition, goods sold into Japan must check the entire batch of goods with many biological and chemical criteria. Goods entering the EU are still limited because ASC is still too low to meet the quality standards of this market. These factors are not small challenges for the shrimp industry to accelerate in the coming time.

VASEP informed that before 2015, Vietnam used to be the world's largest shrimp exporter. However, Indian shrimp has risen strongly since 2015, Ecuadorian shrimp has made a breakthrough since 2018, making Vietnamese shrimp fall to 3rd place.

However, the proportion of export turnover in these top 3 is not much different. Specifically, in the period 2016 - 2021, global shrimp import turnover is estimated at 26-28 billion USD, of which India accounts for 15.7%, Ecuador accounts for 14% and Vietnam accounts for 13.6%.

In terms of production, Vietnam's shrimp farming area is about 740,000 hectares, the output is over 900,000 tons/year, of which 80% is concentrated in the Mekong Delta. Vietnam's black tiger shrimp ranks first in the world with an output of over 250,000 tons, up 10% per year.

The main markets for Vietnamese shrimp consumption in the 2016-2021 period, including the US, increased by 20-23%, Japan increased by 16-18%, the EU increased by 15-20%, China increased by 13-15%, South Korea 9 - 10% increase.

Vietnamese shrimp ranks high in major markets. In which, taking the No. 1 position in Japan, 2nd in the EU, 5th in the US, 4th in China, No.1 in Korea, No.1 in Australia...

Also in the 2016-2021 period, the average shrimp export turnover is about 3.8 billion USD/year, ranking third in the word after India and Ecuador. Shrimp export turnover accounts for about 45% of total export turnover of aquatic products, of which the export value of black tiger shrimp accounts for only 15% of total industry turnover.

Source: vietnambiz, SEABINA GROUP's translation