Vietnam earned over $1.33 billion from shrimp exports in the first five months of the year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

In May, shrimp export revenue reached $361 million.

Vietnam is currently one of the five biggest shrimp exporters in the world, together with China, Ecuador, India, and Indonesia.

Total shrimp farming area of the country is estimated at 737,000 ha. In the first five months, farmers harvested 372,000 tons of shrimps, a year-on-year rise of 3.8%.

The sector targets a total shrimp export turnover of 4-4.3 billion this year.

Under the national action plan on developing the shrimp industry by 2025 which was issued by the Prime Minister in 2018, total shrimp farming area is expected to reach 750,000 ha by 2025, with an average output of 1 million tons, and export value targeted at $10 billion.

However, some experts said it is difficult to achieve such an ambitious target.

Former chairman of VASEP Ho Quoc Luc said the average shrimp export price has dropped significantly, equivalent to two-third of that five years ago.

Additionally, political conflict and global economic downturn, together with increasing logistics and other input costs, have negatively affected the shrimp industry, he said.

Source: VnEconomy