Positive signals for Vietnam shrimp exports to US

U.S. retail orders for Vietnamese seafood are on the rise, with positive signs for the year-end holidays, according to Kim Thu, an expert from the Vietnam Association of Seafood Exporters and Producers (VASEP).

According to VASEP, from 2020-2022, the U.S. held the number one position with an import value of Vietnamese shrimp reaching over $800 million-1 billion, accounting for more than 20% of the total value of Vietnamese shrimp exports.

Thu said that before Vietnam and the U.S. established a comprehensive partnership in 2013, Vietnamese shrimp exports to the U.S. were only around $500 million. From 2013-2022, Vietnamese shrimp export turnover to the U.S. ranged from $638 million to over $1 billion a year. The figure reached over $1 billion in both 2014 and 2021.

The tally fell in 2022 compared to 2021 due to record inflation and a large inventory, while purchasing power fell.

The downward trend of 2022 has continued into 2023. In the year to August 15, shrimp exports to the U.S. had reached $405 million, down 30% year-on-year.

Although numbers have fallen continuously since the beginning of the year, in July, exports to the U.S. recorded their first month of positive growth compared to the same period last year.

Bright prospects

According to Thu, U.S. shrimp import demand is looking more positive in the second half of 2023. The U.S. imported 69.5 tons of shrimp in July 2023, an increase of 3% compared to July 2022.

She noted that orders from retailers in the U.S. have increased and demand for the year-end holidays is more positive, including for Lent next year. It is forecast that in November and December this year, U.S. demand for shrimp imports will also improve.

Vietnam and the U.S. on September 10, 2023 announced an upgrade to their bilateral relations to the highest level of a comprehensive strategic partnership. This important event aims to open up new opportunities for bilateral trade in goods, including shrimp.

According to Ho Quoc Luc, chairman of major exporter Sao Ta Food JSC, the upgrade of the relationship has many benefits for both sides, with increased trust and peace of mind among businesses from both sides that will inspire them to promote this relationship.