Shrimp exports to markets unlikely to reach $10 billion target

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The National Action Plan for the Development of Vietnam's Shrimp Industry to 2025, issued by the Prime Minister in Decision 79 dated January 18, 2018, sets a target that by 2025, the total shrimp farming area in the country will reach 750,000 hectares, the output will reach over 1 million tons, and the shrimp export value will reach 10 billion USD. Vietnam's shrimp farming area has increased from 644,000 hectares in 2012 to 737,000 hectares in 2022; the harvested shrimp output has increased from 463,000 tons in 2012 to 1 million tons in 2022. Overall, the shrimp farming industry has achieved its targets in terms of area and output. However, the value of shrimp exports has almost "stagnated" from 2018 to present, at approximately 4 billion USD/year. In 2024, the shrimp industry strives to achieve an export turnover of 4 - 4.3 billion USD. With this growth rate, VASEP Concerns that the shrimp industry's export target of 10 billion USD is difficult to achieve.

The main reason is that the current average shrimp export price is only 2/3 of what it was 5 years ago. At the same time, geopolitical conflicts and the global economic recession have affected shrimp consumption, while transportation costs and input prices have increased sharply, affecting the shrimp industry.

Source: THNM/TTV News

Source: https://truyenhinhthanhhoa.vn/xuat-khau-tom-sang-cac-thi-truong-kho-dat-muc-tieu-10-ty-usd-180240607081726192.htm