2024 has started with highly positive news for Vietnam’s shrimp industry: Vietnam’s shrimp exports have recorded a significant step forward, with sales reaching 242 million USD, up 71% over the same period in 2023.

This is not only a positive sign for the development of this industry but also an excellent opportunity for businesses in this field.

Shrimp exports grow by 71%: What has created attraction?

Various factors can explain the impressive growth in Vietnam’s shrimp exports. In particular, some important factors include:

 1 . Product quality: 

Shrimp exports in Vietnam are known for their high quality and strict compliance with food safety standards, which has created trust among major global consumption markets. 

2 . Improve production capacity: 

Enterprises in the industry have invested in modern technology and production processes, thereby enhancing productivity and product quality, ensuring they serve the shrimp export industry most effectively. 

3 . Competitiveness: 

The combination of quality and competitive price has helped Vietnam’s shrimp export industry gain market share in many international markets.

According to Vaspe newspaper, Vietnam accounts for 10% of the market share in the US market, ranking 4th after India, Ecuador, and Indonesia. With growth indicators, there are challenges, such as some businesses needing to be more concerned about the source of raw materials and the risk of anti-subsidy tariffs from the US. Competition with Ecuador and India on price and supply, oversupply, and a bearish cycle could continue until at least the first half of 2024. 

In addition, here are some of the challenges that businesses are facing. 

Challenges faced 

While this impressive growth presents many opportunities, the shrimp export industry also faces several challenges, including: 

1. Climate change: 

Climate change and natural phenomena threaten shrimp supplies, and preventive and response measures are needed. 

2. Resource Management: 

Maintaining a sustainable management of resources is necessary to ensure stable supply in the future.

3. Technology leverage: 

Evolving technology can be an opportunity to improve productivity, but it is also a challenge for shrimp businesses and workers. 

SAKY FOODS understands more than ever that your trust comes from the safest and highest quality production process.

      1. Choosing high-quality ingredients: 

All selected Shrimp products comply with high quality, safety, and reliability.

      2.  Apply food safety standards:

Strictly comply with food safety standards.

Conclude 

Vietnam’s shrimp exports have opened 2024 with a positive signal, creating significant opportunities for the development of this industry. However, it is necessary to face and overcome current and potential challenges to sustain and develop sustainably. This journey requires effort and cooperation from all stakeholders, but the potential of the shrimp export industry is still huge in the future.

Contact us

Address: Unit 19-03, Floor 19, Flemington Tower, No.182 Le Dai Hanh St, Ward 15, District 11, Ho Chi Minh City, Vietnam

Hotline: (+84) 90 905 5152

Email: info@sakyfoods.com

Website: www.sakyfoods.com

SOURCE: VASEP