Vietnam is expected to see shrimp exports total $4-4.2 billion in 2024, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

The Association forecast that exports will be more positive this year, as global supply has been increasing stably and Vietnam’s exports are expected to recover this year and increase by 10-15 per cent.

Exports of Vietnamese shrimp to Japan and China are forecast to recover sooner than those to the US and the EU, according to VASEP.

Exports to Japan began to show signs of recovery in December, posting year-on-year growth of 6 per cent.

Meanwhile, China’s demand for shrimp has continued to surge and the country’s economy has begun to recover, which together with a favorable geographic location creates opportunities for Vietnamese exporters to boost shrimp exports to the northern neighbor.

VASEP has predicted that shrimp exports to China will recover slightly in the opening months of this year.

Vietnam earned $3.4 billion from shrimp exports in 2023, a year-on-year decline of 22 per cent.