Having identified its weakness in 2023, entering the first quarter of 2024, Vietnam's shrimp industry has undergone a clear change, reflected through increases in exports to major markets.

While South Korea’s seafood exports to Vietnam enjoy a zero duty, Vietnamese shrimp exporters are encountering a major restriction from entering the South Korean market, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Facing strong competition from foreign rivals, Vietnam’s shrimp industry is promoting deep processing, generating big profits for both processors and exporters.

Vietnam’s shrimp exports are forecast to rebound and rise by 10-15% year-on-year, with revenue reaching US$4 billion, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). T

Vietnam’s shrimp export sector have seen a modest recovery early this year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Despite its availability in over 150 countries, Vietnam's shrimp industry is grappling with fierce competition from global counterparts.

Vietnam has become the largest supplier of all kinds of shrimp to the Republic of Korea during the past 10 months, with turnover reaching US$295.38 million, down 20% against the same period from last year, according to the International Trade Center.

Vietnam is exporting shrimp to about 100 countries and territories across the world, according to the General Department of Fisheries under the Ministry of Agriculture and Rural Development.