Over the past two weeks, shrimp prices across the country have been on an upward trend. Medium-sized shrimp, in particular, have seen a significant price increase. Meanwhile, the market for large shrimp in eastern Guangdong remains weak, with some price reductions observed. In East China, the supply of shrimp from small-scale greenhouses is limited, further driving up prices. As a result, the domestic shrimp market is experiencing a strong seasonal rebound.
Vietnam, one of China’s primary sources of imported white shrimp, has reported impressive export growth since last year. However, with the recent implementation of tariffs under former U.S. President Donald Trump’s trade policies, there is growing speculation about potential ripple effects on China’s shrimp prices. To understand the situation better, let’s take a closer look at Vietnam’s shrimp industry.
Vietnam’s Shrimp Export Growth and Market Expansion
In 2024, Vietnam expanded its shrimp export market from 102 countries in 2023 to 107, solidifying its growing influence in global trade. According to Kim Thu, an expert from the Vietnam Association of Seafood Exporters and Producers (VASEP), the country’s top five export destinations are mainland China, Hong Kong, the United States, Japan, the European Union, and South Korea. Collectively, these regions account for 76% of Vietnam’s total shrimp exports.
Vietnam’s Top Five Shrimp Export Markets in 2024
Vietnam’s shrimp exports to mainland China and Hong Kong are projected to reach $843 million in 2024, marking a 39% increase from the previous year. Due to this rapid expansion, China has now surpassed the United States as Vietnam’s largest shrimp buyer.
Notably, this strong growth momentum has continued into 2025, with major markets such as the EU, China, and the U.S. seeing a surge in shrimp demand early in the year.
According to VASEP, Vietnam’s seafood exports showed promising signs of recovery in the first two months of 2025. Total seafood export revenue reached $1.4 billion, an 18.2% increase compared to the same period in 2024. February alone contributed $655 million, representing a 42.6% surge.
Shrimp Industry as the Leading Growth Driver
Shrimp exports were the standout performer, generating $542 million in the first two months of 2025, reflecting a 30.8% increase. In February alone, Vietnam exported $231 million worth of shrimp—up 34% from the previous year. VASEP attributes this strong rebound to recovering market demand following a prolonged period of low shrimp prices in 2023 and 2024.
China has now overtaken the U.S. as Vietnam’s biggest shrimp export destination. Additionally, Vietnam’s lobster exports to China have seen remarkable growth, with the first month of 2025 alone accounting for nearly half of Vietnam’s total seafood exports to China—an astonishing eightfold increase compared to the same period in 2024.
Meanwhile, various free trade agreements (FTAs) continue to enhance Vietnam’s shrimp export opportunities, particularly in key markets such as the UK, Canada, and Australia, further boosting the industry’s competitiveness.
Future Outlook: Opportunities and Challenges
Vietnam’s Ministry of Agriculture and Rural Development predicts that demand for seafood imports will continue to grow, especially as global economies recover and emerging markets—such as the Middle East, Africa, and Southeast Asia—expand their seafood consumption.
In the U.S., trade policies under the Trump administration could present new opportunities for Vietnamese shrimp exports. Potential shifts in U.S. import preferences may favor Vietnam, as the country looks for alternative suppliers amid global trade realignments.
The European Union also remains a crucial market. By 2024, imports of fresh and frozen white shrimp into the EU are expected to reach 376,875 tons—a 4% increase compared to 2023. Since 2019, overall shrimp imports in the EU have grown by 26%, with Ecuador (+78%) and India (+47%) being the biggest contributors. Vietnam’s shrimp exports to the EU have also recovered to some extent, helping the country maintain its position among key suppliers.
2025 Outlook: Cautious Optimism Amid Competition
VASEP remains optimistic about Vietnam’s shrimp industry in 2025, provided that external factors—such as trade disputes—do not cause further disruptions. Since October 2024, import prices have begun to rise, and given stable shrimp supplies, prices are expected to remain high throughout 2025. This stability is expected to bolster confidence among both exporters and importers.
However, competition remains fierce, with major shrimp producers like Ecuador, India, and Thailand vying for a larger share of the global market. In addition, stringent traceability and quality standards set by the U.S., EU, and other key markets continue to pose challenges for Vietnamese exporters. Companies must enhance their competitiveness to maintain their market position.
To sustain growth, VASEP has recommended that the Vietnamese government and seafood industry prioritize economic diplomacy, bilateral negotiations, and targeted trade promotion strategies. One key initiative is negotiating with South Korea under the Vietnam-Korea Free Trade Agreement (VKFTA) to remove quotas on Vietnamese shrimp exports and adjust tariffs to 0%, further enhancing Vietnam’s shrimp trade prospects.
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