Vietnam can become the world’s largest shrimp producer and processor, given proper government support, according to Minh Phu CEO Le Van Quang.
Quang made the statement during the government-sponsored forum “Dialogue 2045,” chaired by Vietnam’s prime minister and attended by many of Vietnam’s biggest companies. The discussion focused on corporate contributions to the country’s development targets through 2045.
Quang said Minh Phu plans to build additional high-tech farming complexes, incorporating artificial intelligence and blockchain in pond management. He called his companies model of aquaculture development “smart, clean, and environmentally-friendly.”
If Minh Phu’s farming model is applied broadly across the country’s shrimp-farming areas across its coastal south, it could create economic prosperity for the entire country and create millions of jobs, Quang said.
“It will turn Vietnam into the number-one producer and processor of shrimp in the world, achieving the global market share of 25 percent, an output of four million metric tons, and a value of USD 20 billion [EUR 16.8 billion] by 2045,” he said.
Also vital in this goal, Quang said, is government support to speed along shrimp-focused development. Specifically, he asked for easier access to loans with preferential interest rates, a corporate and personal income tax reduction, and the government-funded construction of pipelines to supply farms with clean sea water from offshore areas.
“If these support policies are approved, we believe that this shrimp value-chain will draw attention and investment from various players to build a complete, sustainable, and successful shrimp ecosystem,” Quang said.
In December 2020, Vietnam Association of Seafood Producers and Exporters (VASEP) General Secretary Truong Dinh Hoe said he expected Vietnam’s seafood exports to exceed USD 12 billion (EUR 10 billion) by 2025. The total predicts Vietnam will export than one million metric tons of shrimp by 2025, surpassing India to become the world’s biggest exporter of shrimp.
Photo courtesy of Toan Dao/SeafoodSource
