Shrimp exports expected to reach US$5 billion by 2020

08:35 | 28/03/2017 Trade

Shrimp exports are expected to reach between US$4.5-5 billion by 2020, with an annual increase of between 9.5-12%.

Sorting and packing shrimps for export at Au Vuong shrimp processing factory, Tan Thanh commune, Gia Rai town, Bac Lieu province - (Credit: NDO)

These targets are set in the national action plan on developing the shrimp sector to 2025 to be submitted to the Prime Minister, according to the Ministry of Agriculture and Rural Development.

By 2025, the sector aims to earn US$10 billion and record a year-on-year increase of 12-14%.

It also plans to develop hi-tech shrimp production on a large scale, with a total brackish-water shrimp raising area reaching 750,000 hectares, producing 1.1 million tonnes.

Vietnam is the world’s third largest shrimp exporter and the world’s leading exporter of giant tiger prawns.

Shrimp exports accounted for nearly 50% of the total seafood export with the highest value of nearly US$4 billion achieved in 2014.

The figure was US$3.1 billion in 2016 and is expected to hit US$3.4 billion in 2017.