Making news

Shrimp industry strives to remain big foreign currency earner

Over the past one month, the shrimp industry in the Mekong Delta has been exerting every effort to sustain operations and fulfill the signed export contracts while there is not much time left in 2021 and many new COVID-19 infections continue to be recorded in the region.

The Vietnam Association of Seafood Exporters and Producers (VASEP) said its shrimp committee has discussed the resumption of activities at shrimp processing businesses, especially material- and market-related issues, with the pandemic safety taken into account.

Consumers in many markets still prefer processed food - a strength of Vietnam’s shrimp industry as factories boast modern equipment meeting strict food safety standards and skilled workers, VASEP noted.

Shrimp exports topped 3 billion USD in the first 10 months of 2021, down 1.07 percent year on year, according to the General Department of Vietnam Customs.

VASEP blamed the decline on the COVID-19 pandemic, which has forced processors and exporters to reduce operations to practise social distancing.

It held that given the current COVID-19 situation in the Mekong Delta, the largest agricultural and aquacultural hub in Vietnam, it is not easy to achieve this year’s shrimp export target of 3.8 - 4 billion USD.

However, businesses in the industry are also moving to seize opportunities, especially the high demand for food to welcome year-end festivals in the US and Europe, the association added.

Many insiders shared the view that as the shrimp stockpile in many major markets is not much, their import demand will increase by the end of the year while the global shrimp supply is forecast to decrease. Therefore, shrimp prices will go up, and this is a chance for the industry to achieve the set target./.