According to SeafoodMedia, Vietnam's shrimp exports reached $394 million in October, an increase of 24% year-on-year, and the cumulative export volume of $3.2 billion in the first 10 months, an increase of 13% year-on-year, is expected to achieve the export target of $4 billion this year.

In October, Vietnam's shrimp revenue to major export markets achieved double-digit growth.

Exports to the United States exceeded $80 million in October, up 17% year on year, and cumulative exports in the first 10 months were $646 million, up 10% year on year.

In October, exports to Japan and South Korea rose 18 percent and 28 percent, respectively, while exports to the European Union rose 32 percent.

Vietnam's shrimp industry has seen a shift towards value-added products, with exports of processed shrimp expanding significantly.

In 2023, global challenges such as inflation, geopolitical instability, and increased competition from Ecuador led to an oversupply of shrimp and a sharp drop in shrimp prices.

In 2024, the global shrimp market will stimulate consumer demand in major markets as inflation eases, while import demand will rise as the supply of shrimp becomes stable, and global shrimp prices are on the rise, reversing last year's decline.