Motives for boosting Vietnamese prawn exports in the second half of 2023

DNHN - For the enhancement of shrimp exports as a whole, the VASEP Association focuses on identifying the advantages of Vietnamese shrimp, including farming and processing technology as well as a variety of market-appropriate products.

Given that the market is anticipated to show signs of improvement in the last few months of the year, the prawn industry's export potential has garnered considerable attention. This affords the prawn industry new opportunities to regain export turnover growth momentum. To capitalize on this opportunity, it is necessary to analyze and identify the benefits and drawbacks as soon as possible.

The fisheries industry, particularly prawns, is a major contributor to Vietnam's agricultural, forestry, and fisheries exports. However, the first half of the year was challenging for prawn exports due to several factors. In the last six months of the year, however, demand is gradually recovering and inventories in major importing countries are decreasing, indicating a more optimistic outlook for the market. To capitalize on this opportunity, it is crucial to collect market demand forecasting information early on.

The United States is one of the largest markets for Vietnamese prawns, and it has tremendous growth potential. Currently, the United States produces only 10% of its prawn consumption requirements; the remaining 90% must be imported, primarily from Central America, South Asia, and Southeast Asia. This market's purchasing power is recovering, and 2024 is anticipated to be prosperous. To succeed in this market, businesses must strengthen the links between incubation, production, processing, distribution, and product consumption along the value chain. Simultaneously, the development of indigenous shrimp species with their characteristics and the application of scientific and technological advancements are significant factors in enhancing the quality of shrimp seed. To ensure credibility and transparency in the Chinese market, businesses must also strictly comply with regulations on production standards, food safety, and certifications on environment, labor, and origin. Ky.

In the Nordic market, organic food and organic seafood consumption is increasing. This opens up numerous opportunities for organic prawns from Vietnam. However, businesses must be aware of organic agriculture compliance regulations in this market. From farm to supplier, sustainability certifications are required, particularly MSC certification and ASC certification. In addition, the Nordic market tends to increase purchases of convenience products and ready-to-eat foods, which presents an excellent opportunity for prawn exporters who offer standardized, easy-to-process products with a high added value.

One of the potential markets for Vietnamese prawn products is the Chinese market. To succeed in this market, businesses must adhere to Chinese regulations regarding food quality and safety. To sustain export activities over the long term, it is also crucial to increase inspection and supervision of seafood exports. It is necessary to continually update market information and maintain close coordination with the authorities on both sides to sustain effective export activities.

For the enhancement of prawn exports in general, the VASEP Association has emphasized the identification of Vietnamese shrimp's advantages. These include advanced prawn farming technology, world-leading processing technology, consumer-tailored product diversification, and tax-free trade agreements. To take advantage of these benefits, it is necessary to foster cooperation between cooperatives and businesses to construct shrimp material areas that meet export demands. Moreover, the construction of the agricultural logistics chain, which includes the seafood industry, reduces the logistics cost ratio of prawn products while simultaneously enhancing the image and reputation of Vietnamese prawns on the international market. gender.

To promote prawn exports in the new environment, it is crucial to update market information, identify consumer preferences, and anticipate emerging trends. Businesses, industry associations, and authorities must coordinate closely to ensure transparency, quality, and safety for Vietnamese prawn products on the international market.

P.V (t/h)