In 2024, Vietnam exported shrimp to 107 markets, up from 102 in 2023. The top 5 major markets for Vietnam’s shrimp exports were China & Hong Kong, the U.S., Japan, the EU, and South Korea, accounting for 76% of the total shrimp export value.
China & Hong Kong
After a decline in Q2 2024, Vietnam’s shrimp exports to China & Hong Kong rebounded strongly in Q3 and Q4. In Q4 2024, exports to this market surged by 69%, reaching USD 258 million. For the entire year, shrimp exports to China & Hong Kong totaled USD 843 million, a 39% increase compared to 2023. Due to this strong growth, China & Hong Kong surpassed the U.S., becoming Vietnam’s largest shrimp export market.
The domestic shrimp supply in China has decreased due to unfavorable weather conditions, and Ecuador has also reduced shrimp exports to China in 2024. In response, China has introduced various measures to boost consumer spending, which supports the importation of shrimp into the market.
In 2024, in the structure of Vietnam’s shrimp exports to China & Hong Kong, other types of shrimp accounted for the largest share (51.7%), largely due to a significant increase in imports of lobster from Vietnam. Whiteleg shrimp followed with 36.1%, and black tiger shrimp accounted for 12.2%.
United States
In 2024, Vietnam’s shrimp exports to the U.S. reached USD 756 million, an 11% increase compared to 2023. Throughout 2024, exports to the U.S. showed positive growth in all four quarters, except for a slight dip in Q2. Exports to this market accelerated in the second half of the year.
In 2024, whiteleg shrimp continued to dominate the product structure of Vietnam’s shrimp exports to the U.S., making up 84.3% of the total. Black tiger shrimp followed with 9.3%, while other types of shrimp made up the remaining portion. The top three shrimp exporters to the U.S. were Sóc Trăng Seafood JSC, Sao Ta Food JSC, and Clean Seafood JSC.
Japan
In 2024, Vietnam’s shrimp exports to Japan reached USD 517 million, a 1% increase compared to 2023. After declining in the first two quarters of 2024, shrimp exports to Japan rebounded in Q3 and Q4, though growth remained modest.
From mid-Q3 2024, the Japanese Yen strengthened significantly, improving purchasing power. Additionally, Vietnam’s main competitor in the Japanese market, India, faced controversies over the use of child labor, which led Japanese importers to favor Vietnamese shrimp.
European Union
In 2024, shrimp exports to the EU reached USD 484 million, a 15% increase compared to 2023. The top three import markets within the EU were Germany, the Netherlands, and Belgium. Exports to these three markets all saw double-digit growth, with the Netherlands recording the highest growth rate of 22% in 2024.
In the structure of Vietnam’s shrimp exports to the EU in 2024, whiteleg shrimp continued to dominate, accounting for 80.6%, followed by black tiger shrimp at 12.2%, with other types of shrimp making up the rest.
Some of the leading companies exporting shrimp to the EU include Thong Thuan Cam Ranh Seafood JSC, Thuan Phuoc Seafood and Trading JSC, Nha Trang Seafoods – F17 JSC, and Minh Phu-Hau Giang Seafood JSC.
South Korea
In 2024, shrimp exports to South Korea reached USD 334 million, a 3% decrease compared to 2023. Vietnam’s shrimp exports to South Korea continue to be affected by the country’s shrimp import quotas, with companies facing substantial costs to secure these quotas.