China spends money to buy Vietnamese lobsters, becomes the most VIP customer, surpassing the US

China has spent a lot of money buying lobsters from Vietnam in the past year, making this country of one billion people surpass the US to become the largest customer of our country's 3.9 billion USD worth of goods.

According to information from the Vietnam Association of Seafood Processing and Export (VASEP), shrimp exports brought in $3.9 billion in 2024, a 14% increase compared to the previous year.

Notably, with export turnover reaching 843 million USD, a 39% increase compared to 2023, China (including Hong Kong) has surpassed the US (756 million USD) to become Vietnam's largest shrimp importer.

VASEP believes that China's domestic shrimp supply has decreased due to unfavorable weather conditions. Ecuador also reduced its exports of this seafood product to China in 2024. Along with this, the populous nation has implemented various measures to boost domestic consumption.

The above factors have supported Vietnam's shrimp export activities to the Chinese market.

In the structure of Vietnamese shrimp products exported to the Chinese market, other types of shrimp (including lobster) account for the highest proportion of 51.7% because people in this country spend money to buy lobsters from Vietnam in 2024. Next is white-leg shrimp accounting for 36.1% and black tiger shrimp accounting for 12.2% of the total export value of the entire Vietnamese shrimp industry.

However, exports of black tiger shrimp to China decreased more sharply than those of whiteleg shrimp. Processed black tiger shrimp and whiteleg shrimp products saw a more significant decline than fresh/live/frozen products. In particular, processed black tiger shrimp exports decreased by as much as 44%.

On the other hand, other types of shrimp exports recorded a sharp increase of 174%. Of which, processed products increased by 199%, live/fresh/frozen shrimp increased by 185%.

According to VASEP, among other shrimp products, lobster is the main item. In 2024, exports of this "luxury seafood" to China increased sharply. Currently, China is the largest importer of Vietnamese lobster, accounting for 98-99%.

In China, in 2024, rock lobsters and other types of sea shrimp were the second most imported products, recording a 39% increase compared to 2023. The import value of warm-water shrimp products decreased.

Also in the past year, China reduced purchases from other sources and only increased imports of this aquatic product from Vietnam.

In the first half of January 2025, Vietnam's shrimp exports to China continued to increase sharply by 191% compared to the same period last year, reaching over 51 million USD.

VASEP assesses that the reason for the decrease in whiteleg shrimp imports in China is not due to oversupply but rather a significant decline in the consumption capacity of the middle class.

As economic growth slows and incomes decline, and the cost of living rises, consumers are increasingly focused on cost-effectiveness, and seafood protein is gradually shifting from a "preferred" to an "optional" product. Whiteleg shrimp, being price-sensitive, is particularly affected by this decline in demand.

In particular, in the mid-range and budget markets, the situation with whiteleg shrimp is the opposite of that of high-end seafood products (lobster, salmon, king crab, etc.) in the premium market.

Meanwhile, the consumption levels of wealthy individuals remain relatively stable. Therefore, businesses should increase lobster exports while also boosting promotion and implementing attractive strategies to stimulate demand for traditional products such as whiteleg shrimp and tiger shrimp in the Chinese market.

Vietnamnet.vn

Source: https://vietnamnet.vn/trung-quoc-vung-tien-gom-tom-hum-viet-nam-2371650.html