From preferring Indian and Ecuadorian shrimp, Japan switched to buying Vietnamese shrimp

As a country with a world-famous cuisine, Japan used to favor Indian shrimp and Ecuadorian shrimp, but in the first months of the year, the cherry blossom country has shifted to importing more Vietnamese shrimp. What is the reason?

Vietnamese shrimp exports are popular in Japan - Photo: THAO THUONG

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), shrimp exports to Japan have been "bright" in the first months of the year. In January, exports to this market reached more than 37 million USD, up 30% over the same period in 2023. In the first 2 months of 2024, Japan was Vietnam's third largest shrimp import market after the US and China; accounting for 15.4% of the proportion and showing an increasing trend. On March 8, discussing the reasons why the Japanese market favors Vietnamese shrimp again, a VASEP leader cited the story that in 2023, the yen depreciated sharply due to high inflation in this market, affecting the placement of new orders by importers, so the amount of Vietnamese shrimp exported to Japan, which was already low, decreased further. "But at the end of 2023, shrimp exports to the Japanese market recorded an increase of 6% compared to the same period in 2022. Japanese consumers have strict requirements for the quality and deliciousness of seafood, meticulous processing, suitable for Vietnam's processing capacity. While shrimp from India and Ecuador, although cheaper, have an advantage over Vietnam but are simple to process," he commented. Currently, popular shrimp products from Vietnam exported to Japan such as breaded shrimp, stretched shrimp, fried shrimp, sushi shrimp, etc. still maintain a good competitive advantage in this market. According to Mr. Vo Van Phung, director of Vietnam Clean Seafood Joint Stock Company (in Nha Trang City), Japan has always eaten Vietnamese shrimp, but there are always two cases. "If the Japanese buy value-added products, which are products that go through many processing stages, are sold in supermarkets, are instant or ready to cook, they focus on Vietnamese shrimp. As for Indian and Ecuadorian shrimp, they are head-on shrimp, which are cheaper...", Mr. Phung said.

Mr. Phung also said that since the beginning of 2024, seafood companies in Hai Phong have had about 10% more orders to Japan than in 2023. Indian shrimp and Ecuadorian shrimp have strongly dominated their competitors in Japan, but the leader of another shrimp business assessed that the Japanese are picky, they can accept choosing delicious and expensive shrimp over cheap shrimp, even young people. "If Vietnamese shrimp products really meet the demand, Japan will be a sustainable market for Vietnamese shrimp," said this businessman. Japan is the third largest seafood consumer market in the world, with high demand for shrimp. If in the US and EU, simple processed shrimp from India and Ecuador at cheap prices have a big advantage, then in 2024, the Japanese market is assessed to have a lot of potential and will recover sooner than other major markets such as the US and EU. And "leading the wave" of this market, the big opportunity belongs to Vietnamese shrimp.

Vietnamese shrimp exports to Japan will continue to increase

In 2023, shrimp exports to the Japanese market will only reach 511 million USD, down 24% compared to 2022. In 2024, the Japanese market is assessed to be geographically closer than the US and EU, and the payment method is also safer, avoiding the "crisis" of doubled freight rates due to conflicts in the Red Sea, so many businesses predict that shrimp exports to this market will increase, higher than in 2022 and 2023. It is forecasted that Vietnam's shrimp exports will recover and increase slightly from 10% to 15% in 2024. Export turnover is expected to reach 4 - 4.3 billion USD.

Tuoitre.vn

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