Shrimp exports to rise 15 pct
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Vietnam has advantageous conditions to increase shrimp exports by 15 percent year-on-year to top $4 billion in 2021, industry insiders say.
Global demand has remained stable while other shrimp exporting countries have not recovered from pandemic impacts, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
China is the biggest shrimp producer in Asia, yet it lacks shrimp supply for processing and consumption.
Vietnam’s shrimps will benefit from tariff cut under new-generation FTAs that the country has signed.
However, Vietnamese shrimp exported will have to face strong competition from India, where low production costs make its export prices more competitive, according to the Agro Processing and Market Development Authority.
China has imposed import restrictions based on quality, quarantine, and procedural issues which can result in a plunge in shrimp exports to the neighboring giant.
Shrimp exports are set to increase by 12.4 percent in 2020 to $3.78 billion despite the major impact Covid-19 has had on the seafood industry.
Questions & Answers
Q.What is the projected value of Vietnam's shrimp exports for 2021?
What is the projected value of Vietnam's shrimp exports for 2021?
Industry insiders anticipate Vietnam's shrimp exports will exceed $4 billion in 2021. This projection marks a 15 percent year-on-year increase, driven by stable global demand and the recovery challenges faced by other exporting nations.
Q.What factors are expected to help Vietnam increase its shrimp exports?
What factors are expected to help Vietnam increase its shrimp exports?
Vietnam benefits from stable global demand and other countries' struggles with pandemic recovery. Tariff cuts from new-generation Free Trade Agreements and China's lack of domestic supply for processing and consumption are also advantageous for Vietnamese shrimp.
Q.What challenges might Vietnam face in increasing its shrimp exports?
What challenges might Vietnam face in increasing its shrimp exports?
Vietnamese shrimp will encounter strong competition from India due to its lower production costs and more competitive export prices. China's import restrictions based on quality, quarantine, and procedural issues also pose a risk to exports.
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