Vietnam's Shrimp Exports Projected to Reach $4 Billion in 2024

Vietnam's shrimp exports are projected to hit $4 billion in 2024, a 15% surge compared to 2023. This growth is fueled by increased demand from the US and China, as well as Vietnam's strong presence in markets like Japan, South Korea, and the EU. Despite facing challenges such as inflation, competition, and trade barriers, Vietnamese shrimp farmers and processors have adapted by expanding farming operations and diversifying product offerings. This includes various shrimp species like black tiger and whiteleg, in fresh, frozen, and processed forms. Vietnam's black tiger shrimp production leads the world at over 280,000 tons in 2024. Free trade agreements have further boosted exports to markets like the UK and Canada. While the industry faced challenges in 2024, the success reflects the resilience of the Vietnamese seafood community. However, the industry is slightly behind its 5-year plan, with a revised 2025 projection of $4.3-4.5 billion, down from the initial $5.5 billion target. Looking ahead to 2025, challenges remain, including raw material shortages and high costs, impacting profitability. Maintaining competitiveness, especially in the US market, requires addressing these issues.