Vietnam’s shrimp exports projected to hit 3.9 billion USD in 2021

Vietnamese shrimp export revenues are expected to reach 3.9 billion this year, up 4% compared to 2020, as heard at a conference on December 10, to discuss the development of the shrimp industry for 2022.

Processing shrimps for export (Photo: VNA)
Processing shrimps for export (Photo: VNA)

According to VASEP, which represents Vietnamese seafood producers and exporters, the figure is projected to increase by 10% in 2022, reaching 4.3 billion USD.

Le Hang, an expert at VASEP, said that Vietnam’s shrimp industry has the advantage over its competitors, thanks to stable quality and product diversity, which is suitable with all market segments.

She said seafood producers and shrimp companies in particular, should ensure safety for production, which requires a great deal of effort and costs but is highly necessary.

According to Deputy Minister of Agriculture and Rural Development Phung Duc Tien, rising shrimp prices are an important factor for Vietnamese processors and exporters to quickly recover after the prolonged social distancing period.

He said Vietnam has signed 16 new-generation free trade agreements, these are great opportunities to improve the capacity of chain-based production, which allows the tracing of all the stages in production, processing and export.

Tien stated that Vietnam needs to focus on productivity and quality so as to enhance the shrimp industry’s competitiveness and meet the export target of 3.9-4.1 billion USD for 2022.