VASEP reports that exports of key seafood products saw a boost in July, with shrimp exports increasing by 11% and catfish exports by 23%.
Notably, major markets have been spending significantly on importing Vietnamese shrimp and catfish. For instance, shrimp exports to China rose by 24%, to Europe by 32%, to the US by 9%, and to Japan by 4%. As for catfish, exports to key markets witnessed double-digit growth ranging from 20% to 40%.
As of the end of July, Vietnam’s seafood exports reached $5.28 billion, with the shrimp sector contributing nearly $2 billion, a 7% increase, and catfish bringing in almost $1.09 billion, a 7.7% rise.
Significantly, seafood exports to the US, China, and Hong Kong all surged by 10% and exceeded $930 million each, accounting for nearly 18% of Vietnam’s total seafood exports. Meanwhile, seafood exports to the EU climbed by 10% to over $600 million.
Seafood exports to the US, China, and Hong Kong – China surge.
According to VASEP, one issue facing the Vietnamese seafood industry is the difficulty faced by businesses in procuring raw materials. Since Decree 37/2024 came into force on May 19, companies have struggled to purchase canned tuna as per the new regulations, which mandate a minimum size of 0.5 meters for caught yellowfin tuna.
In response to this situation, VASEP has sent a dispatch to the Prime Minister and the Minister of Agriculture and Rural Development, proposing amendments to Decree 37 to align with international practices and realities, including revisions to the minimum size requirement for yellowfin tuna.
The association has also dispatched a document to its member companies, urging them to comply with the IUU regulations and the provisions of Decree 37 while awaiting the government’s consideration and revision.
After consistently achieving double-digit growth, tuna exports slowed down in July, registering a 9% increase compared to the previous year. Exports of other marine fish (excluding tuna) also declined by over 4% in the first seven months of this year. Nonetheless, with the recovery of major markets, VASEP forecasts that Vietnam’s seafood exports for the year are likely to reach nearly $10 billion.
Vietnam’s $800 million product captivates the US and Russia: Over 100 countries import it for consumption
This product is exported to over 100 countries worldwide and has helped Vietnam earn hundreds of millions of dollars.
China triples imports of Vietnamese seafood
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s seafood exports reached nearly $750 million in January, a 64% increase compared to the same period last year. Notably, exports to many markets have surged.
Seafood stocks surge simultaneously
On February 26, the VN-Index started trading with a rebound as stocks in the securities, steel, fertilizer, and chemical sectors showed positive signs. The export sector also received good news, with the seafood group recording a series of stocks reaching the maximum price increase.
