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According to data of country Customs, Vietnams shrimp exports in 2021 will reach USD 3.9 billion, up 4% than 2020, reported the Vietnam Association of Seafood Exporters and Producers (VASEP). In 2021, Vietnams shrimp exports have faced many difficulties due to the impact of covid-19, that also disrupts the global supply chain, increasing costs.
In the third quarter of 2021, shrimp processing and export decreased continuously in August and September because many factories in the West (accounting for 80% of shrimp processing output of the country) had to produce ‘3 on-site’ or temporarily stopped production for the prevention and control of Covid-19. Starting from the second half of October, processing activities gradually recovered, pulling exports up again.
Despite piling up difficulties, shrimp exports for the whole year 2021 still achieved positive growth. This is thanks to the great efforts of businesses and the safe and flexible anti-epidemic policy according to Resolution 128/NQ-CP of the Government, helping shrimp production and export quickly recover in the coming months.
Retail sales in the US will continue to increase
The bright spot of Vietnamese shrimp in 2021 was to maintain a fairly good growth in the US market throughout the year. In 2021, Vietnams shrimp exports to the US reached over 1 billion USD, up 20% compared to 2020.
In 2021, Vietnams shrimp market share in the US market increased to 13% from 11% in 2020. Retail sales in the US will continue to increase during the pandemic. Demand for restaurants and food services in the US gradually recovered thanks to the economic stimulus packages of the US Government and the strategy of opening up and living with Covid. The growth rate of Vietnams shrimp exports to the US will continue until the first quarter of 2022.
After the EVFTA Agreement between Vietnam and the EU
Along with the US, the EU is also a Vietnamese shrimp import market that recorded positive activity in 2021. In 2021, Vietnams shrimp exports to the EU reached more than 613 million USD, up 19% compared to 2020, specially to 3 main markets, Netherlands, Germany and Belgium, that increased by 11%, 25% and 19% respectively.
One year after the EVFTA Agreement between Vietnam and the EU took effect, Vietnams shrimp exports to the EU market recorded good growth.
To restore the post-Covid-19 economy, the EU has activated many support packages and disbursed production recovery funds to rebuild commodity supply chains. In the last months of 2021, the EU was very scarce for goods because many of its supply partners for the EU are struggling with the epidemic, plus the pressure of rising sea freight rates while consumer demand in the last few months is very low.
Sales to Asia had decreased
In contrast, Vietnams shrimp exports to China and Japan in 2021 decreased. Vietnams shrimp exports to China in 2021 reached more than $412 million, down 22%. In 2021, exports to China dropped sharply because the country applied a zero Covid policy and strict inspection at the port to prevent the Covid epidemic.
Exports to Japan in 2021 will reach 578 million USD, down 6% compared to 2020. The countrys economic growth slows down because Covid reduces the demand for seafood, including shrimp. Vietnams shrimp exports to Japan are still subject to 100% inspection regulations, so shrimp exports to this country in 2021 cannot increase.
“In 2022, it is expected that Vietnams shrimp exports will still grow well “because shrimp is an aromatic, delicious, nutritious and convenient food, so world demand will continue to be in good shape”, said the VASEP.“
In 2022, Vietnamese shrimp needs to maintain the main markets of the US, Japan, and the EU. At the same time, the country must focus on potential markets such as China, Korea, UK, Australia, Canada, Singapore.
In 2022, shrimp exports to the US and EU are expected to continue to grow by double digits; that exports to China recover after sharply decrease in 2021; and exports to Korea and Japan will grow slightly because the demand from these two markets is quite stable
