The shrimp export value in the first two months of 2025 reached 542 million USD out of a total seafood export value of 1.4 billion USD, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
This continued strong growth is attributed to Vietnam’s effective utilization of free trade agreements (FTAs), strategic market expansions and the increasing emphasis on adding value through deep processing.
Vietnam’s network of FTAs with over 60 countries and economies, has been instrumental in creating a solid foundation for seafood businesses to expand into international markets.
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A worker processes shrimp for export. |
VASEP Secretary General Nguyễn Hoai Nam highlights that Vietnam seafood is now reaching over 160 markets globally. They include the markets importing Vietnamese shrimp worth billions of U.S. dollars that have established bilateral or multilateral FTAs with Vietnam.
Among the most significant agreements is the Vietnam-European Union Free Trade Agreement (EVFTA), which experts believe holds substantial potential for expanding shrimp exports to the E.U.
Despite the E.U. being the world's largest seafood consumer, Vietnam’s share in this market remains relatively small, presenting significant growth opportunities for the future.
Vietnam has also entered into two high-profile FTAs with the United Kingdom (U.K.), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Vietnam-U.K. Free Trade Agreement (UKVFTA).
The U.K. is the sixth-largest market for Vietnam shrimp, accounting for 5.5% of the total turnover, with shrimp exports to the U.K. seeing an 8% growth in January compared to the previous year.
Additionally, the Comprehensive Economic Partnership Agreement (CEPA) signed with the United Arab Emirates (UAE) in late 2024 is expected to open up new opportunities for Vietnam’s seafood exports in the Middle East, a region increasingly important to Vietnam's trading portfolio.
Ho Quoc Luc, Chairman of the Sao Ta Food Joint Stock Company, emphasizes that through the efforts of businesses and with the support of FTAs, Vietnamese shrimp has established a strong presence in key markets in the world such as Japan, the Republic of Korea and the E.U.
However, VASEP points out that expanding into new markets also comes with challenges. The seafood industry faces stiff competition from leading shrimp-producing countries such as Ecuador, India, and Thailand.
In addition, stricter regulations related to traceability, quality control, and standards in major markets like the U.S. and E.U. require continuous adaptation from local firms.
To maintain competitiveness, Vietnamese shrimp exporters must focus on improving product quality, enhancing value-added processing, and ensuring compliance with stringent market requirements.
The Ministry of Industry and Trade also works to remove technical barriers, reduce tariffs, and open up new export avenues for Vietnam seafood.
Deep processing
According to VASEP, Vietnamese shrimp products, including items like steamed shrimp, breaded shrimp, fried breaded shrimp and shrimp dumplings, become more popular with consumers worldwide.
General Director of the Minh Phu Seafood Corporation, Le Van Quang, points out that Vietnamese enterprises have successfully developed value-added shrimp products that set them apart from competitors including Ecuador and India.
In 2024, deep-processed shrimp accounted for over 40% of Vietnam's total shrimp export turnover at 4 billion USD.
Vietnam is now positioning itself as the second-largest supplier of processed shrimp in the U.S. market, specifically for value-added items like steamed, seasoned and breaded shrimp.
Despite increasing competition from Ecuador and India, Vietnamese shrimp continues to dominate high-end markets, particularly in Japan, the RoK, the E.U., the U.S. and Australia, thanks to its processed products.
To sustain growth and expand the shrimp market share in regions like Europe, businesses must focus on strict adherence to quality, environmental standards, and product design.
Vietnam’s shrimp exporters must also explore new technologies in farming shrimp and enhancing seed quality.
Maintaining these advantages will be critical for ensuring that the shrimp industry continues to thrive in the face of growing global competition.
Source: VNA