Shrimp businesses advised to increase competitiveness
Processing shrimp for exports (Photo: VNA)
Businesses need to increase the quality of their products to international standards and use communication strategies to encourage customers in the Western and Eastern Europe to buy shrimp certified by Aquaculture Stewardship Council (ASC).
Processing and export firms should make use of free trade agreements (FTAs) to reach the projected export turnover of 1 billion USD in Europe.
The combined export turnover in the US, Japan, the Republic of Korea and China is expected to hit 3 billion USD.
Besides choosy markets, businesses see China as a large consumer of Vietnamese shrimp. However, to export to China, they must meet the higher quality criteria set by the neighbouring country.
Deep processing is considered an effective solution for shrimp exporters given fiercer competition from India and Ecuador.
Vietnam is home to nearly 100 shrimp processing plants with an average annual capacity of about 500,000 – 700,000 tonnes.
Last year, the shrimp sector recorded a year-on-year decline of 7.8 percent to 3.6 billion USD in export value.
Related News
General Department of Taxation implements tax exemption, extension of taxes and fees for people and businesses affected by storm No. 3
20:38 | 17/09/2024 Finance
Many good signals for businesses to accelerate seafood exports
10:14 | 17/09/2024 Import-Export
Latest News
Frozen durian - new growth potential for durian industry
16:20 | 20/09/2024 Import-Export
Vietnam’s frozen durian exports to China could reach 300 mln USD in 2024: Official
16:17 | 20/09/2024 Import-Export
US Commerce Department announces preliminary anti-dumping review results for Vietnamese catfish exports
16:15 | 20/09/2024 Import-Export
Textile and garment industry perseveres in overcoming difficulties and seizing opportunities from the market
08:59 | 20/09/2024 Import-Export
More News
Trade in goods in the second half of August increases over US$ 5 billion
08:58 | 20/09/2024 Import-Export
Bac Lieu plans to become renewable energy export hub
15:26 | 19/09/2024 Import-Export
Vietnamese premium rice enters Canadian market
15:24 | 19/09/2024 Import-Export
Logistics industry faces green transition imperatives
10:17 | 19/09/2024 Import-Export
How are imported seafood products transferred to domestic consumption quarantined?
10:16 | 19/09/2024 Import-Export
Steel stocks chill as weak demand sends a shiver through the industry
15:34 | 18/09/2024 Import-Export
Vietnam's seafood exports continue recovery
15:26 | 18/09/2024 Import-Export
Vietnam-China trade turnover hits nearly 130.8 billion USD
20:31 | 17/09/2024 Import-Export
Footwear industry takes bold steps towards green growth
16:08 | 16/09/2024 Import-Export
Your care
Frozen durian - new growth potential for durian industry
16:20 | 20/09/2024 Import-Export
Vietnam’s frozen durian exports to China could reach 300 mln USD in 2024: Official
16:17 | 20/09/2024 Import-Export
US Commerce Department announces preliminary anti-dumping review results for Vietnamese catfish exports
16:15 | 20/09/2024 Import-Export
Textile and garment industry perseveres in overcoming difficulties and seizing opportunities from the market
08:59 | 20/09/2024 Import-Export
Trade in goods in the second half of August increases over US$ 5 billion
08:58 | 20/09/2024 Import-Export