Shrimp exports is expected to reach over US$4.3 billion in 2023

The Ministry of Agriculture and Rural Development held a conference on developing the shrimp industry in 2023 in the Mekong Delta Province of Soc Trang with the participation of leaders of ministries, agriculture sectors across the country, associations and businesses.

In 2022, brackish water shrimp farming covered an area of 747,000 hectares with the total aquatic output reaching more than 1.08 million tons up 8.5 percent compared to 2021. Despite many difficulties in 2022, shrimp export posted a turnover of $4.3 billion accounting for nearly 40 percent of seafood export value and increasing by 11.2 percent compared to 2021.

Currently, Vietnamese shrimp is exported to 100 countries, of which there are 5 major markets, including Europe, America, Japan, China and Korea. Vietnam has become the world's second-largest shrimp supplier, accounting for 13-14 percent of the world's total shrimp export value. In 2023, the shrimp industry will strive to have farming covering 750,000 hectares, an output of nearly 1.1 million tons and a shrimp export turnover of over $4.3 to $4.5 billion.

According to forecasts, the shrimp industry in 2023 will continue to face many difficulties and challenges. General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP) Truong Dinh Hoe said that shrimp exports in 2023 will be very difficult because the market demand is likely to recover only starting from the second quarter; however, the price tends to be lower than in 2022.

Specifically, the world shrimp price will gradually decrease from mid-2022 and is forecast to continue to decrease when the supply surges to about 6 million tons.

Moreover, Vietnam’s shrimp export is also facing stronger competition from other countries such as Ecuador and India. In 2023, it is expected that Ecuador will have an output of 1.5 million tons of white shrimp, which is more than twice the output of Vietnam of 700,000 tons. This is a factor that helps the advantage in favor of Ecuador when there is an abundant supply, not to mention that your country has the advantage of geographical location, and low production costs.

Meanwhile, the price of domestic raw shrimp tends to hike leading to more difficulties in mobilizing raw materials for shrimp export processing, added Mr. Truong Dinh Hoe.

Vice Chairman of Soc Trang Provincial People's Committee Vuong Quoc Nam said that the province's export turnover in 2022 reached more than $1.4 billion and exports of brackish water shrimp brought nearly $1 billion for the country, equivalent to more than 20 percent of the country’s shrimp export value. However, drought, saltwater intrusion, environmental pollution and other negative impacts of climate change are having a heavy impact on the fisheries sector.

In addition, the seafood industry is also affected by other impacts such as the global economic crisis, rising petrol prices, rising input prices, unsatisfactory quality of shrimp seed, and disease outbreaks shrimp shows signs of increasing again.

Therefore, it is forecasted that in 2023, shrimp farmers and businesses will face more difficulties.