Vietnam’s shrimp exports are forecast to reach US$3.7 billion this year, posting an year-on-year increase of 9.8%, fuelled by the EU – Vietnam Free Trade Agreement (EVFTA) which facilitated export to the EU markets, according to Vietnam Association of Seafood Exporters and Producers (VASEP).

Shrimp processed for export at Sao Ta Food Joint Stock Company. Vietnam’s shrimp
exports were forecast to reach US$3.7 billion this year. (Photo haiquanonline.com.vn)

Accounting for 13.8% of the country’s shrimp export value, the EU was the fourth largest shrimp export market of Vietnam, coming after the US, Japan and China.

Despite declines at the start of this year, shrimp exports to the EU saw significant growth in the third quarter, thanks to the impact of the EVFTA which came into effect from the beginning of August, the association said.

In September alone, Vietnam exported shrimp worth US$57.6 million to the EU, representing a rise of 35.4% against September last year.

January-September shrimp exports to the EU totalled more than US$371 million, up by 2.3%.

The association said that in the EU, restaurants and catering services were reopening together with the tourism industry, adding that the EU’s demand for shrimp was expected to increase significantly in the coming months to serve year-end holidays.

The EU was a market with good profit margins and this would be the market that many enterprises would focus on to expand exports in the remaining months of this year, the association said, adding that Vietnam’s shrimp exports to the EU would continue to see considerable increases.

Vietnam’s shrimp exports in September totalled nearly US$385 million, up by more than 25% against the same month last year, the highest growth rate recorded since March, according to VASEP’s statistics.

Besides the EU, exports to other major markets also saw significant increases, such as to the US by 39.6%, China by 22.9%, the Republic of Korea 3.2%, the UK 54.3%, Canada 47% and Australia 50.7%.

Shrimp exports totalled US$2.7 billion in January – September, a year-on-year increase of 10.5%.

The US was the largest shrimp export market of Vietnam, accounting for 24% of the country’s shrimp export value. Vietnam exported shrimp worth more than US$634.4 million to the US in January – September, up by 33% over the same period last year.

According to the Ministry of Industry and Trade’s Import-Export Department, Vietnam’s shrimp export would continue to increase in the last months of this year due to the low shrimp supply globally, especially from India.

The department added that Vietnam’s shrimp export also benefited from the EVFTA.