Potential market
The Chinese market is increasingly important to Vietnamese seafood enterprises. In recent years, China has been in the top 3 markets for importing Vietnamese seafood, behind only the US and Japan.
According to Vietnam Customs data, by the end of November 2023, Vietnam's shrimp exports to China and Hong Kong reached 569 million USD, down 8% over the same period last year.
According to Ms. Kim Thu, shrimp market expert of the Vietnam Association of Seafood Exporters and Producers (VASEP), the demand of the Chinese market is unstable.
Accordingly, Vietnam's shrimp exports grew positively in the three months from June to August, then returned to a downward trend in September, October and November. However, the decline was not as sharp as in the first months of the year. China and Hong Kong were the markets with the lowest decline among the main import markets of Vietnamese shrimp.
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| Shrimp exports to China still have great growth potential |
China’s demand for shrimp imports is still increasing strongly, but because there are too many suppliers “flocking” to this market with low prices, Vietnamese shrimp is having difficulty competing on price. In the last month of this year, Vietnamese shrimp exports to this market are expected to still decrease compared to the same period last year.
“Although shrimp exports to China and Hong Kong in 2023 will decrease compared to 2022 (the year when shrimp export turnover reached a record), it will still increase compared to previous years,” Ms. Kim Thu shared.
According to Mr. Truong Dinh Hoe, General Secretary of VASEP, in 2023 the seafood industry will face many challenges. While many important markets have declined sharply, China has declined the least. Therefore, this country is becoming the leading important market for Vietnamese seafood, including the main export item of shrimp.
Increase in deeply processed products
VASEP forecasts that shrimp exports in 2024 will be more positive. Currently, shrimp supply from Ecuador has been stagnant and tends to decrease slightly. Vietnam's shrimp exports will recover and increase slightly by 10-15% in 2024.
In terms of opportunities and potential, the Chinese market still has many growth prospects. Economists assess that China will increasingly depend on imported seafood, similar to the model of Western countries. China's shrimp consumption is large, even more than the US and Europe. In 2023, it is estimated that this country will import a huge amount of shrimp up to 1 million tons, mainly for processing and domestic consumption, with almost negligible exports.
In addition, the General Administration of Customs of China recently announced a list of more than 800 Vietnamese seafood processing enterprises that are qualified to export to China. At the same time, China has approved product codes for 40 live crab and lobster packaging facilities and 5 tiger shrimp packaging facilities, 128 types of products, and 48 species of Vietnamese seafood. This will help Vietnamese seafood exporting enterprises have the opportunity to increase exports in the coming time.
Mr. Truong Dinh Hoe - General Secretary of VASEP said that to take advantage of the advantages, enterprises must increase their strengths such as organic, sustainable products, value-added products, flexible export forms, and choose appropriate payment methods. At the same time, update import policies of the Central and local governments. In the immediate future, it is necessary to take advantage of geographical advantages to boost shrimp exports to the Chinese market, especially black tiger shrimp.
Along with that, trade activities connecting businesses of the two countries should be enhanced, in which local trade needs to be paid more attention. In addition, there needs to be an exchange and sharing of information on market needs and regulations, especially when there are changes in import-export policies.
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