Viet Nam exported shrimp to 68 markets in the first quarter of 2017. — Photo vcci.com.vn

Japan has become the largest market for Vietnamese shrimps, accounting for 21.9 per cent of the country’s shrimp export value in the first quarter of 2017.

The Viet Nam Association of Seafood Exporters and Producers (VASEP) reported that in the first three months of this year, Viet Nam’s shrimp exports to Japan reached US$135.4 million, a year-on-year increase of 29.6 per cent. The significant growth is because of the rise of the yen, which has encouraged Japanese enterprises to move to imported shrimp.

Also, Japanese consumers tend to switch to cheaper seafood, which has increased the demand for shrimp as they are more affordable than other seafood such as tuna, salmon and squid.

In the high-end market segment, the demand for giant tiger prawns and shrimps with head on is also rising.

Earlier this year, the average price of Vietnamese shrimp exported to Japan was $12 per kilo, while Indonesia’s rate was $11 and Thailand’s $10.

Although Viet Nam’s average price is higher than that of competitors in the region, exports to Japan saw significant growth, higher than both Thailand (13.9 per cent) and Indonesia (2.4 per cent).

The VASEP said that in the first quarter of 2017, Việt Nam exported shrimp to 68 markets. The top 10 markets include Japan, EU, US, China, South Korea, Canada, Australia, ASEAN, Taiwan and Switzerland, which together account for 95.4 per cent of Viet Nam’s shrimp exports.

There is a change in the position of the top 10 shrimp importers, with Japan replacing the US to become the largest importer, the EU holding its previous position at No 2, and the US taking the third position. — VNS