Vietnam strives to achieve the goal of reaching US$4.4 billion in shrimp exports by 2021
By: Date: 2021-02-27 Categories: Internationalfood Tags: ,
Food Partner Network News Throughout the whole year of 2020, Vietnam’s shrimp exports have achieved encouraging results. According to information from the Institute of Policy and Agriculture and Rural Development (Ipsard), compared with other competitors last year, Vietnam had an advantage in controlling the epidemic, and major sales markets such as China gave priority to purchasing Vietnamese shrimp. Moreover, major shrimp producing countries such as India, Ecuador, and Thailand have all been severely affected by the new crown pneumonia epidemic. Vietnamese aquatic product export companies are actively exploring markets and diversifying their products, making full use of the opportunities brought by the various free trade agreements that have been signed. Accordingly, Vietnam’s shrimp exports in 2020 will reach US$3.7 billion, an increase of 11%over the same period in 2019. The country’s shrimp products are exported to 135 markets, with a total of 508 export companies.

Vietnam’s aquatic product experts believe that if the breeding and processing links are ensured in 2021, Vietnam’s shrimp exports will continue to achieve high growth. At the same time, the benefits of various free trade agreements will become the driving force for shrimp export activities.
Experts in the Vietnamese industry believe that this year, Vietnam’s control of the new crown pneumonia epidemic and its accession to bilateral trade agreements will provide convenience for export companies, while the world’s shrimp demand continues to rise. According to the Vietnam Fisheries Processing and Export Association (VASEP), shrimp exports can reach US$4 to US$4.4 billion by 2021. In addition, it is predicted that the global shrimp market will reach 64.53 billion U.S. dollars by 2026 (48.7 billion U.S. dollars in 2020), with an average growth rate of 4.8%from 2021 to 2026.

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