The Vietnam Agriculture Ministry's Department of Agriculture Products Processing is projecting an increase in the country’s shrimp exports for 2021.
In a conference session during the Vietshrimp Aquaculture International Fair 2021, held from 14 to 16 April, a department official said Vietnam is expected to earn between USD 4.4 billion and USD 4.5 billion (EUR 3.66 billion and EUR 3.75 billion) from shrimp exports in 2021, up around 15 percent from 2020.
The official made the forecast based on the improved control of the pandemic in key markets such as China and South Korea, and the continued growth in sales to Japan, South Korea, the U.S., the United Kingdom, Canada, and Australia.
In Japan, Vietnam's primary competition comes from India, which offer lower prices for its shrimp. However, Vietnam is still the largest supplier to Japan, a position that is supported by a bilateral free trade agreement.
The official said the U.S. will rebound in 2021, providing expanded opportunities for shrimp exporters from Vietnam, and a free trade agreement signed with the European Union will also benefit Vietnam's shrimp trade.
However, China’s tightening inspection regime on import cargoes will hurt Vietnam's exports, and the department is predicting only a slight increase in the country's shrimp exports there.
The official advised Vietnamese producers to take advantage of the country’s largely successful containment of COVID-19 and get ready for a recovery of the global market as the pandemic is gotten under control.
General Department of Fisheries Director Tran Dinh Luan said at the event the country is expected to produce 930,000 metric tons (MT) of shrimp this year, similar to its 2020 output. Production is expected to ramp up to 1.1 million MT, comprised of 700,000 MT of vannamei and 400,000 MT of black tiger shrimp, by 2025. The Mekong Delta, the country’s key farming region, will account for 900,000 MT of that total.
Vietnam is aiming to become the world's largest producer of shrimp, producing nearly 4 million MT of shrimp worth roughly USD 20 billion (EUR 16.6 billion) by 2045, a statement from the Agriculture Ministry said.
Photo courtesy of Nguyen Quang Ngoc Tonkin/Shutterstock
