Despite COVID-19, Viet Nam's shrimp exports in the first half of the year rose by 5.7 per cent. — VNA Photo Vu Sinh

The first half of 2020 saw a 5.7 per cent increase in shrimp exports year-on-year, reaching US$1.5 billion despite COVID-19, according to the Viet Nam Association of Seafood Exporters and Producers.

June alone saw a 19.2 per cent growth in exports, the highest growth rate since March.

White leg shrimp accounted for 70.1 per cent of the exports, and their export value rose by 11 per cent. Meanwhile, giant tiger shrimp accounted for 18.2 per cent of exports and their value dropped by 15 per cent.

Processed shrimp products had higher sales than raw or frozen shrimp.

The US is Viet Nam's biggest importer of shrimp, accounting for 21.2 per cent of exports. Exports to the US in the first six months rose by 29 per cent compared to the same period last year, at $323.3 million.

Vietnamese shrimp are more competitive in the US than other supply countries because Viet Nam was able to stabilise its production faster after COVID-19, while exporters and processers in countries like India and Ecuador are still affected by lockdowns and an undersupply of factory workers.

Exports to China in June rose by 23 per cent year-on-year. Major suppliers of shrimp to China have faced problems, leaving more room for Vietnamese exports. China suspended shrimp imports, for example, from three Ecuadorian businesses this month after detecting a virus in their recent shipments.

Exports to the EU in the first six months dropped by 7 per cent.

According to the association, the prices of Viet Nam's shrimp are trending upward, and the shrimp stock within main markets such as Japan, the US and the EU is not as high as before, so Viet Nam's shrimp exports are expected to grow in the next few months.

Viet Nam is one of the world's biggest producers of shrimp. It exported $3.4 billion worth of shrimp in 2019. — VNS