HANOI, Mar. 4 (Xinhua) – Vietnam's shrimp exports are forecast to increase 10-15 percent in 2024 with an expected turnover of 4-4.3 billion U.S. dollars, Vietnam News Agency reported Monday, citing the Vietnam Association of Seafood Exporters and Producers.

The United States and China will continue to be the two largest markets for Vietnamese shrimp exports this year, accounting for about 40-45 percent of shrimp export value, according to the association.

The demand for protein from aquatic products is increasing. Therefore, in the future, seafood production will have more chances to develop, especially shrimp, the report said.

The association predicted that China will likely attract more businesses to import shrimp from Vietnam this year, with its close geographical location.

Vietnam's shrimp exports in 2023 hit about 3.38 billion dollars, a decrease of 21.7 percent year on year due to declining global market demand and competition from Ecuador and India, it said.

Photo from Reuters