2021 will be favourable for shrimp exports and processing thanks to more orders coming from abroad. — Photo congthuong.vn

Earnings from shrimp exports reached US$3.85 billion last year, up 15 per cent year-on-year despite difficulties caused by the COVID-19 pandemic.

Due to the low price of domestic raw shrimp as of late October, however, breeders were not keen on continuing to breed them, resulting in a shortage in the early days of this year.

Shrimp prices will continue to rise if the market remains the same, according to General Director of the Viet Nam Clean Seafood Corporation Vo Van Phuc.

Analysts say 2021 will be favourable for shrimp exports and processing thanks to more orders coming from abroad.

Exporters have suggested adopting a flexible approach to markets and diversifying products. Enterprises have been advised to focus on meeting market demand amid the pandemic.

Secretary General of the Viet Nam Association of Seafood Exporters and Producers (VASEP) Truong Dinh Hoe said the EU-Viet Nam Free Trade Agreement (EVFTA), which took effect last August, has opened up opportunities for shrimp exporters

He proposed improving quality to persuade customers to pay higher prices.

Scarce supply would offer an advantage to shrimp exporters and processors, he said, adding that if they failed to assess the global situation and flexibly adjust production, they would face difficulties in finding opportunities this year. — VNS