Vietnam enjoys sharp increase in shrimp exports

Vietnam has reported record growth in shrimp exports in the first half of 2022 with revenues reaching nearly USD 2.30 billion, 33 times higher compared to the same period last year.

Vietnam has reported record growth in shrimp exports in the first half of 2022 with revenues reaching nearly USD 2.30 billion, 33 times higher compared to the same period last year.

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According to a report from the Vietnam Association of Seafood Exporters and Producers (VASEP), shrimp exports were worth USD 2.30 billion which accounted for 40 percent of seafood exports in the first six months of 2022.

VASEP said that inflation and material shortages had posed lots of challenges for local seafood exporters. Some firms have turned to processing high-quality products for some demanding markets including Japan, the US, or EU countries.

"Export of white leg shrimp saw an increase of 17 percent on-year while lobster exports were 30 times higher," the report said.

Shrimp exports to China alone were worth USD 275 million in the first five months, 101 percent higher on year.

Explaining the surge in shrimp exports to China, VASEP said that seafood supplies in China had continued to fall over the past three years due to the country's tight Covid-19 prevention regulations, which led to the closure of many seafood processing firms.

"More Vietnamese firms have taken the chance to export shrimp to China during this time," VASEP said.