Vietnam Association of Seafood Exporters and Producers said that shrimp exports might climb to US$690 million in the third quarter of this year, down by 4 percent compared to the same period last year but up 19 percent compared to the previous quarter.
Since the beginning of this year, Vietnam shrimp exports earned US$1.7 billion. It is expected that shrimp exports will gradually recover during the last months of this year as global market showed signs of increasing import of shrimps.
Although the quality of Vietnamese shrimp has improved, it still faces fierce competition from India, Indonesia, and Thailand in the EU market. Thus, shrimp producers still need information and financial support from the government to collect material shrimps for processing to be well-prepared for market demand.
In related news, the association said that seafood export turnover is likely to reach $1.8 billion in third quarter of this year, raising seafood exports to $4.7 billion by September as market usually becomes vibrant at the end of the year while seafood sources are rather profuse.
At the same time, the newly-approved stimulus package of VND9 trillion for Vietnam pangasius industry is expected to boost breeding of pangasius fish, as well as create favorable conditions for seafood processing firms to buy materials.
Vietnam seafood industry is seeing increasing demand from the US, and other potential markets, including South Korea, Australia, Mexico, countries in the ASEAN, and China. If things go smoothly, the country’s seafood industry will possibly achieve this year’s goal of $6.5 billion.
