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Vietnam targets $4.2b shrimp exports

Vietnam targets $4.2b shrimp exports

To achieve this target, the area of tiger shrimp farms this year needed to be maintained at about 620,000 hectares with an output of about 330,000 tonnes.

In 2019, the industry would increase the output and export value of white-leg shrimp with farms covering 105,000ha with an output of about 530,000 tonnes.

Since January, localities in the Mekong River Delta and the south central region have been implementing a production schedule for brackish shrimp. This year, they will control the quality of imported white-leg shrimp for breeding and prevent the injection of impurities and antibiotics to ensure export product quality.

In addition, the EU-Viet Nam Trade Agreement that is expected to take effect this year will cut about 90 per cent of tariffs on seafood exports to the EU to zero within 3-4 years.

Some markets such as South Korea and ASEAN were forecast to have high demand for seafood imports, said the association.

Viet Nam’s shrimp export value to South Korea was likely to reach $500 million in 2019, up 29.5 per cent compared to 2018.

South Korea is the fifth largest shrimp export market of Viet Nam, accounting for 10.9 per cent. In 2018, Viet Nam’s shrimp export value to this market reached $385.8 million, up 1 per cent compared to 2017, reported Cong Thuong (Industry) newspaper.

The association expected Viet Nam’s shrimp export value to Japan would achieve two-digit growth compared to 2018.

Viet Nam’s shrimp export value to Japan reached $639.4 million last year, down 9.2 per cent compared to 2017.

Japan is currently the second largest shrimp export market for Viet Nam, accounting for 18 per cent of total export value.

To promote shrimp exports to Japan, local businesses should innovate market access methods along with promoting their brands and ensuring product quality.

According to VASEP, shrimp export value dropped by nearly 8 per cent to $3.55 billion in 2018, but shrimp still accounted for the highest segment of total seafood exports.

This was due to Vietnamese shrimp costing more than other countries in the region. In addition, high input costs also affected the production and competitiveness of the shrimp processing industry.