Vietnam confident shrimp exports will hit US$3.5 billion in 2020

Friday, 2020-05-08 15:55:24
 Font Size:     |        Print
 

Minister Nguyen Xuan Cuong speaking at the shrimp conference
 Font Size:     |  

NDO - Vietnamese agriculture minister Nguyen Xuan Cuong is upbeat regarding an export target of US$3.5 billion worth of shrimp in 2020 despite the impacts of the coronavirus.

The minister expressed his confidence at a conference on May 8, which gathered seafood firms from eight coastal provinces in the Mekong Delta.

He said that aside from the coronavirus outbreak, Vietnam’s shrimp farming sector is facing other challenges such as drought, saltwater intrusion and disease affecting shrimp, but noted that there are also many opportunities for the industry in 2020.

Minister Cuong emphasised the soon-to-be-ratified EU-Vietnam free trade agreement, which will significantly slash tariffs on Vietnamese farming produce, including shrimp.

He stated that EU countries are currently focusing on containing Covid-19 but there are good prospects for Vietnam’s shrimp industry when the outbreak is brought under control.

Vietnam plans to raise shrimp in 730,000 hectares of brackish water this year, with an estimated output of 830,000 tonnes and a projected export revenue of US$3.5 billion.

As of the end of April, the total shrimp farming area of coastal provinces had reached 480,000 hectares, of which Asian tiger shrimp accounted for more than 95%, with the rest dedicated to white-leg shrimp.

Vietnam exported nearly US$600 million worth of shrimp in the first quarter of 2020.