Vietnam’s shrimp and pangasius exports achieve impressive growth in the first 8 months of 2024

According to the latest report from the Ministry of Agriculture and Rural Development (MARD), August’s export turnover reached $5.55 billion, up 12.3% compared to August 2023. Key agricultural products contributed $2.99 billion, a 22.6% increase, and seafood exports reached $900 million, up 5%.

For the first eight months of 2024, the export turnover surged by 18.6%, hitting $40.08 billion. Contributing to this result, seafood exports amounted to $6.23 billion, marking a 7.6% rise. Leading products showed higher export value compared to the same period last year, with shrimp exports reaching $2.41 billion (up 9.5%) and pangasius $1.2 billion (up 8.2%).

Export value to key markets also saw significant increases. Asia accounted for $19 billion (up 15.7%), the Americas $9.3 billion (up 22.3%), Europe $4.8 billion (up 30.5%), Africa $747 million (up 5.5%), and Oceania $563 million (up 12.8%). The United States, China, and Japan remained the top three export markets. Exports to the US accounted for 21.4% of total value, up 23.5%, China 20.4% (up 10.2%), and Japan 6.7% (up 4.6%).

In August, domestic prices remained relatively stable, with slight reductions in certain products. The average purchase price for raw vannamei shrimp was 83,625 VND/kg, down 2,500 VND/kg. Meanwhile, the price of raw pangasius saw a slight increase due to reduced supply.

Looking ahead, the agricultural sector plans to enhance domestic consumption and exports. The industry will focus on addressing market challenges to facilitate agricultural and seafood exports. Efforts will also be made to open new markets, including potential markets like Halal countries, the Middle East, and Africa.

Moreover, Vietnam aims to leverage free trade agreements such as CPTPP and EVFTA to boost key exports and support businesses in securing new export contracts. The government will also collaborate to protect trademarks and geographical indications for Vietnam’s potential export products abroad.

Regarding the European Commission’s (EC) recommendations on combating illegal, unreported, and unregulated (IUU) fishing, Deputy Minister Phung Duc Tien emphasized Vietnam’s progress, including enhancing the legal framework and enforcing strict sanctions. However, Tien acknowledged that challenges remain, such as vessel management and administrative violation monitoring, which will require stronger efforts moving forward.

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