According to the Vietnam Association of Seafood Exporters and Producers (VASEP), due to tariff incentives through the EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), shrimp exports to several markets have maintained double digit growth rates of between 15% and 34%.
Japan remains the largest importer of Vietnamese shrimp and black tiger shrimp products in particular, with a total export value of 350 million USD, marking an annual rise of 6.3%.
Meanwhile, seven-month shrimp exports to both Australia and the EU soared by 75% and 26% to 106 million USD and over 320 million USD, respectively.
Vietnamese shrimp exports to the United States reached 584 million USD, an annual rise of 34%.
Though Russia is a major export market for Vietnam, shrimp exports to the Eastern European nation continued to record an impressive growth rate of up to 87%.
Elsewhere, China was the only importer of Vietnamese shrimp that posted negative growth of 19% throughout the reviewed period.
Experts believe that shrimp exports to major markets ahead in the remaining months of the year will largely be dependent on the country’s COVID-19 containment efforts.