Last year, China imported 834 million USD worth of Vietnamese shrimp, surpassing the US to become the largest buyer of this type of seafood from Vietnam.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), shrimp exports will reach 3.9 billion USD in 2024, an increase of 14% compared to 2023.
China imported 843 million USD, up 39% compared to 2023 and surpassed the US (756 million USD) to become the largest market for Vietnamese shrimp.
The reason why this country buys a lot of Vietnamese shrimp, according to VASEP, is that the supply of this type of seafood in their domestic market has decreased due to unfavorable weather. Ecuador has reduced shrimp sales to China. At the same time, this country has introduced many policies to promote domestic consumption, creating favorable conditions for exporting Vietnamese shrimp.
In the product structure, other types of shrimp (including lobster) account for nearly 52%. Whiteleg shrimp and black tiger shrimp account for over 36% and 12% respectively.
However, black tiger shrimp exports to China decreased more sharply than white-leg shrimp. Products processed from these two types of shrimp also cooled down, especially processed black tiger shrimp, which decreased by 44%.
Last year, Vietnam exported over 10 billion USD worth of seafood of all kinds. Of these, shrimp and pangasius were the two main pillars, bringing in 4 billion USD and 2 billion USD respectively. China is the largest market for lobsters from Vietnam, accounting for about 99% of the total export volume of this item.
Earlier this year, the country continued to reduce shrimp imports from other countries, but increased purchases from Vietnam. In the first half of January 2025, shrimp sales to China increased by 191% compared to the same period last year, over 51 million USD.
VASEP forecasts that the seafood industry will maintain its growth momentum this year, thanks to increased demand from regional markets. In China, according to VASEP, demand for white-leg shrimp has cooled down due to the middle class's reduced purchasing power. On the contrary, high-end seafood products such as lobster, salmon, and king crab still have stable consumption. Therefore, the Association recommends that businesses should boost lobster exports, increase promotion, and launch programs to stimulate the consumption of white-leg shrimp and tiger prawns in China.
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