Seafood exports projected to exceed USD 10 billion

After delivering remarkable results in October and November, Vietnam’s seafood exports are well-positioned to reach the USD 10 billion target for 2024.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood exports reached USD 1 billion in October before moderating in November. Despite the slowdown, export value in November still marked a 17% year-on-year increase, totaling USD 924 million.

By the end of November, Vietnam’s seafood export turnover had reached nearly USD 9.2 billion, marking a 12% increase compared to the same period last year.

Riding on this growth momentum, VASEP forecasts that Vietnam’s seafood industry is on track to meet its export target of USD 10 billion, reflecting an approximate 12% growth over 2023. Among the key contributors, shrimp and pangasius continue to serve as the industry’s primary pillars of success, with shrimp exports projected to reach USD 4 billion and pangasius expected to hit USD 2 billion.

Shrimp, pangasius, and tuna led seafood exports with the highest revenue for over 11 months. Crab, shell mollusks, and squid-octopus also saw notable growth, with crab and bivalve mollusks achieving growth rates of 60% and 66%, respectively.

Truong Dinh Hoe, Secretary General of VASEP, noted that after four years of disruptions from the COVID-19 pandemic, war, and inflation, markets are gradually stabilizing. Vietnam’s seafood exports have rebounded in 2024, gaining momentum in the year’s second half.

Hoe said that, exports of shrimp and pangasius have shown positive growth, driven by a recovery in demand and prices in markets such as the US and China, as well as the strength of value-added products in markets like Japan and Australia. The revival of key importing markets, particularly the US and China, has played a significant role in boosting Vietnam’s seafood exports in recent months and throughout the final months of the year.

Data from the General Department of Customs shows that seafood ranks 8th among the top export categories by value from the beginning of the year to November 15. Higher-value export products include computers and components, phones and components, machinery and parts, textiles, footwear, wood, and wood products.

(Source: https://vietfishmagazine.com/)