According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the last two years, Vietnam's shrimp exports to Japan have not recorded growth; in the last two quarters of last year, shrimp exports even dropped sharply.

Specifically, in 2020, Vietnam's shrimp exports to Japan reached more than USD 613 million, decreased by 0.9% compared to 2019. Through 2021, shrimp exports to Japan continued to decrease by 6%, reaching USD 578 million.

However, the first months of 2022 have "returned" to strong growth. According to Vietnam Customs, as of the first half of March 2022, Vietnam's shrimp exports to Japan reached over USD 113 million, an increase of 21% over the same period in 2021.

Currently, Japan is the second largest shrimp import market of Vietnam after the US (accounting for about 15% of the share). In March this year, Japan was the export market of 67 Vietnamese shrimp enterprises with main export products such as: Frozen powder coated shrimp, frozen steamed black tiger shrimp, breaded shrimp, frozen PDTO Nobashi vannamei, frozen steamed black tiger shrimp, frozen boiled tail-on whiteleg shrimp, frozen steamed tail-off shelled shrimp, frozen steamed shrimp, etc.

According to the World Trade Center (ITC), in January 2022, Japan's shrimp imports reached nearly USD 176 million, an increase of 11% over the same period in 2021. The top 3 largest suppliers include Vietnam, Indonesia and Thailand.

In 2021, Japan's shrimp imports reached USD 2.3 billion, increased by 6% compared to 2020. The top 5 largest shrimp suppliers to Japan include: Vietnam, Indonesia, India, Thailand, and Argentina. Vietnam is still the largest shrimp supplier in the Japanese market, accounting for 24% of the market share, Indonesia and India together account for 16% of the market share, and Argentina accounted for 7%.

According to VASEP, the Japanese government is gradually easing border control measures and normalizing socio-economic activities. Currently, Japan has lifted the entry ban with 106 countries and territories, including the US, most of Europe and many Southeast Asian countries.

Vietnam and Japan are both members of four bilateral and multilateral free trade agreements (FTAs): the Vietnam - Japan Free Trade Agreement (VJEPA), the Comprehensive Economic Partnership Agreement The Regional Comprehensive Economic Partnership (RCEP), the ASEAN-Japan Free Trade Agreement (AJCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Import demand for seafood products including shrimp of Japan is still very large. Therefore, Vietnam's shrimp exports to Japan have many growth opportunities.

VASEP statistics show that in 2022, the US, EU and Japan are still the main export markets for Vietnam's shrimp. Besides, it is necessary to focus on other potential markets such as Canada, Australia, UK, etc. The Russian market will be interrupted due to the risks of payment and transportation and it will be difficult to recover in a short time.

Kylie Nguyen