PM wants shrimp exports to reach US$10 billion by 2025

Vietnam has become the world’s third largest shrimp exporter and the world’s leading exporter of giant tiger prawn, heard participants.

Shrimp export accounted for nearly 50 percent of the total seafood export with the highest value of nearly 4 billion USD achieved in 2014.

Giant tiger prawn and white-legged shrimp - brackish water species - are being farmed in 30 provinces and cities and have been key export products. The central provinces of Ninh Thuan, Binh Thuan, Khanh Hoa and southwestern provinces like Ca Mau and Bac Lieu are main shrimp producers. Ca Mau has the largest shrimp breeding areas.

According to Minister of Agriculture and Rural Development (MARD) Nguyen Xuan Cuong, shrimp, with its high value, has been chosen as one of important products for restructuring the seafood in particular and agriculture in general.

Speaking at the conference, Deputy Prime Minister Trinh Dinh Dung said that Vietnam’s shrimp industry still has a lot of room for more development, not only because the world’s demand is large but also because the area suitable for farming shrimp in Vietnam is very large, particularly the Mekong Delta.

The Deputy PM recommended the MARD to review relevant institutions to revise and support the shrimp industry and work with localities to make planning based on the global demand and the restructuring of the agricultural sector and scenario responding to climate change.

PM Phuc said the shrimp industry should work to account for 10 percent of the country’s GDP.

He asked the State Bank of Vietnam to instruct commercial banks to provide sufficient capital for the industry, especially for high-tech breeding.

He also reminded the industry insiders to persify export markets to avoid risks stemming from heavy reliance on a single market.

He assured that the Government will stand side by side with businesses to protect their legitimate rights and benefits in price-dumping lawsuits, but will give severe punishments to violations damaging the prestige of Vietnamese shrimps.

He assigned the Ministry of Agriculture and Rural Development to quickly design an action programme for the shrimp industry’s development.