Vietnamese lobsters are in high demand in China: Exports skyrocket

This is the market with the best growth rate of Vietnamese shrimp this year. In the first half of August alone, the export value reached nearly 57 million USD, accounting for nearly 30% of the country's total shrimp exports.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), as of August 15, Vietnam's shrimp exports to China and Hong Kong reached nearly 767 million USD, up 76% over the same period last year and accounting for nearly 29% of the country's total shrimp export turnover.

China is the market with the best growth rate for Vietnamese shrimp this year. In the first half of August alone, the export value reached nearly 57 million USD, accounting for nearly 30% of the country's total shrimp exports.

In the product structure, other shrimp groups (including lobsters, shrimp, etc.) accounted for an overwhelming proportion and recorded triple-digit growth, especially for live, fresh, and frozen products. This clearly reflects strong consumer demand for high-end products such as live lobsters.

Black tiger shrimp exports to China also grew by double digits while whiteleg shrimp recorded a decrease. However, the processed whiteleg shrimp segment increased, showing that consumer tastes are gradually shifting to convenient, pre-processed products.

According to VASEP's assessment, Ecuador currently holds a dominant advantage in China thanks to abundant supply, competitive prices, and products that suit tastes, especially in the frozen head-on shrimp line. India is the second largest supplier but is gradually losing market share, due to difficulties in quality and cost control, and at the same time, its supply is dispersed as it has to meet many markets at the same time.

In that context, Vietnamese shrimp has emerged as an additional option in the high-end segment. While Ecuador and India have the advantage in price and output, Vietnam is favored for high-quality products, large-sized black tiger shrimp, live lobsters and processed products with added value.

This advantage helps Vietnamese shrimp avoid direct competition with Ecuador in the mass segment and opens up opportunities to exploit a potential niche market in China, where the demand for premiumization is increasingly evident.

VASEP believes that in the short term, Vietnamese shrimp exports to China are forecast to continue to grow, especially during major holidays such as Mid-Autumn Festival, New Year's Day and Lunar New Year, when the demand for gifts and seafood consumption increases sharply. Live lobsters, large-sized black tiger shrimp and processed whiteleg shrimp will play a key role.

(BÁO SÀI GÒN GIẢI PHÓNG ĐIỆN TỬ)

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