ASEAN holds potential for Vietnam’s shrimp exports
ASEAN, Vietnam’s eighth-largest importer of shrimp, is likely to expand its market share of such exports, the Vietnam Association of Seafood Exporters and Producers (VASEP) has said.
Hanoi (VNA) - ASEAN, Vietnam’s eighth-largest importer of shrimp, islikely to expand its market share of such exports, the Vietnam Association ofSeafood Exporters and Producers (VASEP) has said.
The bloc isan important export market for Vietnam’s fisheries sector thanks to incentivesfrom the ASEAN Free Trade Area (AFTA) and several other agreements.
Thanks toVietnam’s control over the COVID-19 pandemic, the sector has maintainedstability in shrimp farming, processing, and export.
However,Vietnamese shrimp exports face fierce competition from Indonesia in the US and theEU, and from India in Japan.
As aresult, many firms in the field have chosen to expand their exports to ASEAN ina bid to reduce reliance on certain specific markets.
Accordingto the Ministry of Industry and Trade, ASEAN member states are close to Vietnamgeographically and have similarities in terms of culture and consumptionbehaviour.
Theregion boasts a population of 636 million and a combined GDP of 2.76 trillionUSD, so it has abundant space for Vietnamese exports, including shrimp.
In thefirst 10 months of 2020, Vietnam exported 37.5 million USD worth of shrimpproducts to the bloc, an annual decline of 14.2 percent. Singapore and Cambodiawere its top importers in the region./.
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Illustrative image (Source: VNA)
