Vietnamese shrimp exporters are set to close 2024 on a high note with innovative strategies designed to drive significant growth in the final quarter. As the peak seafood season approaches, companies are focusing on competitive pricing and effective risk management to seize new market opportunities and enhance their year-end performance.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), shrimp exports from Vietnam hit $380.3 million in August, reflecting a robust 30.2% increase compared to the same period last year. This impressive growth follows a successful second quarter, marked by strategic expansions into emerging markets and refined pricing approaches.
Exporters are actively exploring opportunities in expanding markets such as Canada, the UK, the US, and China, while maintaining strong connections with traditional markets. Recent data highlights a notable increase in demand from new and established regions, showcasing the sector's adaptability and forward-thinking strategies.
Supportive government policies globally have contributed to this growth by stabilizing economies and boosting consumer demand. In response, exporters are focusing on their key markets and enhancing their production processes to meet rising demand.
Efforts to address labor shortages and manage costs are also underway, with investments in recruitment, training, and production efficiency. These measures are aimed at ensuring a steady supply chain and maintaining competitive pricing in the face of potential challenges.
Looking ahead, the industry anticipates continued strong demand from major importing countries. While there are challenges such as rising sea freight costs and potential weather impacts on shrimp farming, exporters are prepared to tackle these with strategic risk management and increased raw material reserves.
The overall outlook remains positive, with expectations for increased import activity in key markets and a gradual recovery in demand for value-added products. The focus remains on leveraging strategic innovations and resilient practices to achieve growth and meet ambitious export targets.
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