Vietnam's shrimp exports are expected to record a dramatic increase of 12.4% to US$3.78 billion in comparison with other export items this year despite suffering from the adverse impacts of the novel coronavirus (COVID-19) pandemic, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). 

Vietnamese shrimp exports recorded an annual surge of 11.3% to US$3.4 billion during the 11-month period

The United States remains the world's leading consumer of Vietnamese shrimp, with turnover rising by 34% to US$806.6 million in comparison with last year's corresponding period.

Furthermore, the EU makes up the nation’s fourth largest shrimp importer, behind the US, Japan, and China, accounting for 13.7% of the country’s total shrimp export value. Indeed, local shrimp exports to the EU have recorded strong growth since the beginning of the third quarter of the year due to the enforcement of the EU-Vietnam Free Trade Agreement (EVFTA).

Despite Vietnamese shrimp exports to the EU in November suffering a decline caused by the negative impact of the second wave of COVID-19, the country's exports to the fastidious market increased by 5.2% to US$472.3 million during the 11-month period.

After witnessing two-digit growth in September and October, the nation’s shrimp exports to China in November endured a decrease of 21% to US$42.8 million.

Most notably, Vietnamese shrimp exports to the neighbouring market over the 11 months of the year saw a slight increase of only 0.8% to US$496.8 million against the same period from last year, largely due to a decrease in China's demand for domestic shrimp consumption.