​China overtakes US to become Vietnam's largest shrimp importer

​China overtakes US to become Vietnam's largest shrimp importer

Vietnam’s shrimp exports to China continue to surge, reaching over US$51 million in the first half of January and making China the biggest buyer, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

This growth follows an impressive performance in 2024, when Vietnamese shrimp exports to China, including Hong Kong, totaled $843 million – an increase of 39 percent compared to 2023.

As a result, China has now surpassed the U.S. to become Vietnam’s largest shrimp importer, VASEP stated.

According to data from the International Trade Center, China’s total shrimp imports in 2024 reached $6.8 billion, down 10 percent year on year due to reduced imports from other suppliers, except Vietnam.

In terms of export structure, 12.2 percent of Vietnamese shrimp exports to China and Hong Kong in 2024 were black tiger shrimp, 36.1 percent white-leg shrimp, and 51.7 percent other shrimp species and lobsters.

Notably, lobster exports saw a whopping 174 percent year-on-year growth rate, making China the largest importer of Vietnamese lobsters, accounting for 98–99 percent of Vietnam’s total lobster exports.

Conversely, exports of black tiger shrimp and white-leg shrimp to China declined, with white-leg shrimp – a traditionally favored product among China’s middle class due to its reasonable price – experiencing a significant drop.

VASEP noted that while the market for affordable consumer goods in China is vulnerable to economic pressures, the consumption of high-end seafood products has continued to thrive.

Given these market trends, Vietnamese shrimp exporters are encouraged to further strengthen their lobster exports while also enhancing promotional efforts to stimulate demand for traditional shrimp products, such as white-leg shrimp and black tiger shrimp, in the Chinese market.

In January, Vietnam's shrimp exports reached approximately $273.35 million, accounting for 35.3 percent of the country's total seafood export turnover, VASEP announced at a conference on brackish water shrimp development in southern Bac Lieu Province on Friday.

The seafood industry aims to achieve shrimp export earnings of $4 to $4.3 billion in 2025.

By the end of 2024, Vietnamese shrimp were exported to 107 markets, five more than in 2023.

The five largest export markets – China (including Hong Kong), the U.S., Japan, the EU, and South Korea – collectively represented 76 percent of Vietnam’s total shrimp export revenue.

At present, the prices of some seafood products are rising, particularly the price of raw shrimp. This is a positive signal for shrimp farmers, encouraging them to continue maintaining and expanding their farming areas in 2025.

VASEP underscored that shrimp export growth in 2025 will partly rely on adjustments in production strategies as well as the expansion of export markets amid intense competition from leading shrimp-producing countries such as Ecuador, India, and Thailand.

Additionally, strict regulations from the U.S. and EU markets regarding shrimp traceability and quality standards require Vietnamese exporters to enhance their competitiveness to maintain their market share.

TUOI TRE NEWS