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COVID-19 vs Vietnam Shrimps Industry

COVID-19 vs Vietnam Shrimps Industry

While other major shrimp exporters such as India, Ecuador, Indonesia, and Thailand
are heavily disrupted by the pandemic, Vietnam has a competitive advantage over rival suppliers thanks to the swift Covid-19 containment. Even though there were setbacks in the first few months of the outbreak, Vietnam shrimp companies have managed to stabilize its production and maintained competitive prices in response to the high demands from the US and EU market.

According to VASEP in the first 9 months of 2020, Vietnam shrimp export has reached $2.7 billion which is an increase of over 10.5% comparing to last year. On the other hand, the COVID-19 pandemic has delayed unloading at many major ports in the world resulting in a severe shortage of shipping container in Asia. Some seafood companies in Vietnam have experienced a rising of shipping costs by 300 to 500 percent. However, VASEP said it will recommend suitable measures to the government to cope with the situation.

Covid-19 vs. vietnam shrimps industry
Covid-19 vs. vietnam shrimps industry

 

Despite the rising of shipping costs, Vietnam shrimp export has continued to grow in the US market – the leading market for Vietnamese shrimp imports. The US is considered the most stable market and has a good demand for shrimp imports especially in the retail segment. Following by the EU market being the 4th largest shrimp importer of Vietnam. We have seen a growth in demand after the EVFTA Agreement took affect from the beginning of August 2020.

With positive signals of shrimp exports in the first 9 months of 2020, Vietnam seafood exporters can continue to expect a boost in production and exports to major markets as well as seeking opportunities to recover from the impact Covid-19 has caused over the years.

Contact the Author: info{at}lpfoods.com.sg

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