Shrimp exports maintain good performance in the US market

According to Mr. Vo Van Phuc, Chairman of the Board of Directors of Vietnam Clean Seafood Company, shrimp exports to the US market are still "top" among the markets and have maintained their performance up to the present time.

Mr. Phuc said that the general picture of Vietnamese shrimp exports is in the direction of growth because inventories have gradually depleted, so countries are speeding up imports again, causing export supply to increase.

"My company exports shrimp to nearly 50 markets. For many years, the US has been a traditional market, and from the beginning of the year until now, the value and output of the company's shrimp exports have increased by more than 30%," Mr. Phuc said.

Mr. Le Van Quang, chairman of the board of directors of Minh Phu Seafood Group - the largest seafood corporation in Vietnam - also admitted that Vietnamese shrimp exports to the EU have bright spots.

"Because interest rates in the US increased, consumer demand decreased. Also, the Japanese yen was too weak, so the market was weak. Only the EU, Australia, and New Zealand markets grew quite well," Mr. Quang explained.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first 4 months of this year, shrimp export turnover reached USD 974 million, up 10% over the same period.

In April this year, shrimp exports to the US and China only increased slightly; Exports to the EU market, after 2 months of deep decline, recovered to growth in April. The EU is the main market and recorded the best growth in April of this year.

Specifically, in the first 4 months of this year, Vietnamese shrimp exports to the US reached USD 168 million, up 5% over the same period; to the Chinese market increased by 1.7%, reaching USD 64 million; to the EU reached USD 38 million, up 28% over the same period.

Export value to the main single markets in the EU grew by double digits. Exports to Germany, the Netherlands, and Belgium increased by 29%, 37%, and 39%, respectively, and exports to Denmark increased sharply by 88%.