Vietnam's shrimp exports projected to continue growing

ABO/NDO - Vietnam’s April shrimp exports are forecast to grow by 20% year on year as the European and US importers and distributors are beginning to stockpile food for summer.

During the first three months of 2022, shrimp exports brought in 900 million USD, a year-on-year rise of 37%.

For the US, the largest importer of Vietnamese shrimp, solid export growth has helped Vietnam maintain its position as the fourth largest shrimp supplier to US consumers.

Processing shrimps for export (Photo: VNA).

According to VASEP, which represents seafood producers and exporters, despite soaring inflation, the US demand for shrimp is expected to remain strong this year, thanks to policies stabilising the economy.

As global demand rises, shrimp farmers will be driven to expand their production to supply raw materials for processing and exporting companies.

Statistics by the Ministry of Agriculture and Rural Development show that Vietnam has over 740,000 hectares of shrimp farming, with an annual output of 900,000 tonnes, in which black tiger shrimp account for 250,000 tonnes.

Although shrimp farming areas only rise by 1.5% per year, output has increased by 10%, indicating improvements in the farming method to raise yield.

(Source: NDO)