Canada has been among the top 10 import markets of Vietnamese shrimp for many years. Though shrimp exports to Canada has not surged noticeably and continuously, the country is still considered a potential market for Vietnamese shrimp products due to its proximity to the United States and high living standards of the Canadian people.
Canada has been among the top 10 import markets of Vietnamese shrimp
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In 2017, shrimp imports value to Canada reached $546.5 million, up by 14 percent compared to 2016. The four largest shrimp suppliers to Canada include Vietnam, India, Thailand and China. Of these, Vietnam is the largest supplier, accounting for 26.8 percent of the total import value in 2017.
Consumers in Canada increasingly prefer processed seafood, especially processed and frozen shrimps, due to their high usability. Shrimp dishes are increasingly becoming popular in restaurants too.
According to VASEP, to have successful exports of shrimps to Canada, Vietnamese businesses should focus on the value-added products segment. Regarding fresh seafood products, Vietnamese firms should provide information to Canadian customers on preparing or processing those products.
Exporters should also pay more attention to the model of goods, develop new products as well as focus on quality services, packaging, labeling and appropriate prices, VASEP suggested
This year, Vietnam’s shrimp exporters are also expected to meet the $4.8 billion export target this year thanks to market advantage and competitive improvement of added-value products.
According to VASEP, the shrimp industry has had a good start this year, with export turnover in the first quarter rising by 18 percent year-on-year to $700 million.
The global economy is expected to recover strongly, especially in major markets such as the US, Europe, Japan and China, which is the basis for forecasting a higher demand of seafood in those markets this year, VASEP said.
In addition to this, a series of bilateral and multilateral free trade agreements (FTAs) will open up more opportunities for Vietnamese enterprises to boost seafood exports to those markets, the association said.
For instance, VASEP expects shrimp exports to South Korea to increase strongly in future due to the support in tariff as a result of the FTA signed between Vietnam and South Korea.
The value of Vietnam’s shrimp exports to the EU is also positive as the European consumers prefer value-added seafood products.
Another favorable factor is that other shrimp-exporting countries are facing difficulties in production and exports. For example, India tends to reduce shrimp exports to the European Union as it is subject to a 50 percent border check.
The competitiveness of Vietnamese shrimp has been so far also better with the focus on the export of white-leg shrimp. With some 50 percent of white-leg shrimp being added-value products, it brought the country up to $2.5 billion last year, three times higher than the export value of black tiger shrimp.
Besides the competitive improvement, Vietnamese shrimp has also enjoyed advantages from existing mechanism and policies include a program on sustainable development of the fisheries economy during 2016-2020.
Under the program, the shrimp industry will actively produce varieties of black tiger shrimp and white leg shrimp to meet the demand of market demand.
Meanwhile, the Ministry of Agriculture and Rural Development as well as other State management agencies have removed many obstacles in export procedures to create favorable conditions for export enterprises.
