Vietnam earns over $7B from fishery exports in 9 months

Vietnam’s fishery exports reached $7.16 billion in the first 9 months of this year, a year-on-year increase of 8.5%, the Vietnam Association of Seafood Exporters and Producers (VASEP) has reported.

In September, the country earned US$866 million from fishery exports.

Shrimp remains the top foreign currency earner, approximating $2.8 billion in the first nine months, a 10.5% increase. While frozen shrimp exports face competition from Ecuador and India, processed shrimp maintains a strong market position. Overseas shipments of processed whiteleg shrimp grew by nearly 10%, while frozen whiteleg shrimp rose 4.5%.

Tra fish brought home $1.46 billion during January-September, an 8% rise year-on-year, with processed products surging 42%. Tuna exports, while strong earlier in the year, have slowed since August due to raw material shortages, but still increased 16% to reach $715 million in nine months.

Crab exports have seen exceptional growth, by 56% in the third quarter and 66% over nine months, primarily driven by demand from China.

VASEP forecasts that the total export value of fishery products for 2024 will hit $9.5 billion, a 7% increase from 2023. Shrimp exports are expected to reach nearly $4 billion, tra fish $2 billion, tuna close to $1 billion, and squid and octopus about $640 million.