Vietnam targets 2 billion USD in tra fish exports in 2024

Vietnam aims to produce 1.7 million tons of commercial tra fish and earn 2 billion USD from exporting the products in 2024, according to Deputy Minister of Agriculture and Rural Development Phùng Đức Tiến.

To that end, the fishery sector needs to be ready with plans to better respond to the increasingly competitive market, and stricter regulations and technical barriers of importing countries, Tiến said.

Although Vietnam’s tra fish exports in 2023 faced difficulties and consumption demand from markets decreased, especially the European and Chinese markets, there will be many positive signs for the tra fish industry in 2024.

According to Vietnam Association of Seafood Exporters and Producers (VASEP), despite a decrease in market share in certain markets, the export of tra fish is showing more positive signs in some markets such as China, Mexico, Canada, Brazil, and the UK.

The tra fish export value reached an estimated 1.8 billion USD last year, down 27% compared to the figure of 2022, according to the General Department of Customs.

However, there remains a great demand for Vietnamese tra fish in many markets in the coming time, especially for deeply-processed products, VASEP said.

The US has been among the top markets consuming the most Vietnamese tra fish products.

The demand for tra fish products has also recorded a resurgence in the European Union (EU) market which is hoped to be a bright spot for Vietnam’s exports next year when it has a more stable economy than other key ones.

As one of the traditional import markets for Vietnamese tra fish, China is expected to witness a high growth in tra fish imports in 2024. In recent years, this market has consistently ranked among the top three largest importers of tra fish products, following the US and Japan.

VASEP said that the import demand for Vietnamese tra fish from China and Hong Kong (China) remained stable from June to November last year. China is showing its willingness to expand the import of aquatic products from Vietnam, including tra fish.

The product also has an advantage in other markets such as Europe and Algeria. Recently, the Vietnam Trade Office in Algeria coordinated with the Carrefour supermarket system in the country to organize an activity to introduce and promote Vietnamese products, including coffee and tra fish fillets.

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