Shrimp exports surged.

Shrimp exports in the first quarter reached $939 million, a 37% increase compared to the same period last year, according to the Vietnam Association of Seafood Processing and Export (Vasep).

Vasep reported that China continues to be the largest market, with a turnover of $288 million, a 125% increase compared to the same period in 2024. Demand for shrimp for domestic consumption and the May 1-5 holiday surged, with lobster and tiger shrimp being particularly popular.

The second largest consumer market is the US, with an 11% growth, reaching $134 million. This is also the market with the highest export prices, averaging $10.9 per kg for whiteleg shrimp and $17.7 per kg for tiger shrimp, more stable than other markets.

The EU market was also positive, generating $107 million, a 33% increase. Japan and South Korea recorded growth rates of 20% and 16% respectively, reaching $124 million and $77 million. In Japan, convenient processed and frozen shrimp products were particularly popular.

Assessing the situation ahead, Vasep believes that the US retaliatory tariffs are temporarily suspended but are still putting pressure on the shrimp industry, as this market accounts for approximately 20% of export value, equivalent to $800 million to $1 billion annually.

In addition, Vietnamese shrimp is facing two anti-dumping (AD) and countervailing duty (CVD) lawsuits in the US. Although the current CVD rate is 2.84%, lower than India (5.77%) and Ecuador (3.78%), strict regulations on product origin and quality could increase compliance costs, impacting profitability.

To achieve the target of $4 billion in export turnover this year, the Ministry of Agriculture and Environment emphasizes the importance of synchronizing solutions: strengthening trade promotion at international exhibitions, investing in processing technology, and standardizing according to international standards (FDA, ASC, MSC).

Vietnam is also actively negotiating with the US, while simultaneously leveraging free trade agreements such as the CPTPP and EVFTA to diversify its markets. Tightening control over the supply chain and boosting imports from the US is also seen as a strategic move to reduce pressure from Washington's protectionist policies, according to VASEP.

Source: https://baoquangninh.vn/xuat-khau-tom-tang-manh-3355943.html