Vietnam’s shrimp exports to the United States, Japan, and the Republic of Korea (RoK) have flourished during the first two months of the year despite enduring drops in exports to the European Union and China as a result of the novel coronavirus (COVID-19) epidemic, according to the General Department of Vietnam Customs.

Indeed, shrimp exports in February alone soared by 39.5% to US$194.5 million in comparison with the same period last year, raising total exports during the two-month period to US$383.4 million, representing a rise of 2.6%.

This represents a positive sign due to overall seafood exports facing a downward trajectory during the reviewed period, with Vietnamese shrimp exports to the Chinese market dropping by approximate 60% in February.

These strong results can be attributed to an increasing demand for shrimp from Japan, the US, and the RoK. Most notably, shrimp exports to Japan during the two-month period surged by 16.5% to US$78.8 million, becoming the country’s largest shrimp importer and accounting for 20.6% of the country’s total export value.

In addition, shrimp exports to the US also soared by 22.3% to US$74.2 million, while exports to the RoK increased by 12.4% to over US$46 million.

The Vietnam Association of Seafood Exporters and Producers (VASEP) expressed their hope that exports to the RoK will remain stable during the coming months.

Elsewhere, shrimp exports to the EU have plummeted considerably after Europe emerged as the new epicentre of the COVID-19 in March, with several importers moving to suspend orders.

Shrimp exporters stated that only between 30% and 50% of orders were able to be delivered normally in line with signed contracts, while 20% to 40% of orders have been requested to be postponed, the majority of which come from markets such as Europe and China. Border closures by governments have forced importers to cancel their orders and sign new contracts.

Moreover, seafood businesses are expecting solutions through trade union fees, corporate income tax, and expenses related to production and business activities in a bid to overcome the challenges brought about by the pandemic.