Big EU demand for small shrimps

Shrimp exports to the European Union (EU) increased constantly in August and September, making it the biggest consumer of the Vietnamese product, according to the Vietnam Association of Seafood Exporters and Producers (Vasep).

Vasep has reported that shrimp exports to the market in June and July came to a standstill due to supply shortage and price hikes, while EU businesses reduced their shrimp imports. However, since August, exports to the EU have been restored with increased supply from domestic businesses.

The country’s shrimp export revenue hit US$2.5 billion in the first nine months, up 21.9 per cent against the same period last year. Exports to the EU grew 32 per cent in this period.

Vasep said that to boost exports to the market, businesses should pay more attention to labels and the quality of products to build brand names and expand markets. They should make proper plans to improve their competitiveness against other exporters, such as India.

The EU tends to increase its shrimp imports in the remaining months of the year to serve cultural and food festivals, offering a chance for domestic businesses to spur exports.

Trần Văn Phẩm, director of the Sóc Trăng Seafood Joint Stock Company, said an important factor was to provide clean raw materials to the export shrimp processing industry. This means that Việt Nam’s shrimp industry must invest more in technology and the equipment for processing.

To form a large-scale production system, each enterprise must have a large area with synchronous investment at all stages, and then reduce the production costs to improve the quality of products for higher profits.

Mã Huy, deputy director of Cà Mau Agricultural Extension Centre, said the growth of shrimp exports to Europe promoted domestic shrimp consumption at high prices. The price was VNĐ220,000 per kg (30 units of shrimp) and VNĐ190,000 per kg (40 units).

Shrimp exporters like to buy shrimp that have 70 to 100 units per kg to meet the demands of European consumers.

Source: Vietnam News