Canada has become a market with high potential for Vietnamese shrimp exports, according to the Viet Nam Association of Seafood Exporters and Producers. — VNA Photo Vu Sinh

Shrimp exports to Canada as of mid-May had reached US$54.7 million, a 32 per cent increase year-on-year, following steady increases since 2016, aside from a slight dip last year, according to the Viet Nam Association of Seafood Exporters and Producers.

Canada has been buying a large number of warm-water shrimp from Southeast Asian countries, as supply of coldwater shrimp has been falling. Purchases of processed shrimp products are also rising among Canadian consumers, especially for white-leg shrimp.

Viet Nam is Canada's second largest shrimp supplier, and its prices are among the highest of all shrimp suppliers to Canada.

Canada is the sixth largest buyer of Vietnamese shrimp, accounting for 5.7 per cent of Viet Nam's shrimp exports.

According to the association, Canada is diversifying its markets and lowering its dependency on the US. Viet Nam is among the countries with which Canadian businesses would like to do business. — VNS