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Vietnam’s seafood industry is a powerhouse, with the country ranking as the third largest exporter of seafood in the world. Beyond tra fish, shrimp, and tuna, another group of aquatic products that brings in hundreds of millions of USD annually is the squid and octopus category, significantly contributing to the country’s total seafood export turnover.
According to statistics from the Vietnam Association of Seafood Exporters and Producers (VASEP), the export of squid and octopus brought in 406 million USD in the first eight months of the year, a slight decrease of 3% compared to the same period last year.
Squid alone accounted for 221 million USD, a 7% drop, while octopus exports exceeded 185 million USD, a 3% increase.
Looking at the market breakdown, South Korea is the largest importer of Vietnamese squid and octopus, with a turnover of 159 million USD, a 6.7% increase compared to the previous year. Japan follows closely with over 93 million USD, a near 10% decrease from the previous period. China and Hong Kong are the third-largest market, with 47 million USD, reflecting a 12% increase compared to the same period in 2023.
In the past year, Vietnam’s seafood exports reached 8.97 billion USD, a decrease of 17.8% compared to 2022. Specifically, exports of squid and octopus from Vietnam reached 660 million USD, a 13% drop compared to 2022. While still in a downward trend, the export of squid and octopus experienced a milder decline compared to other key exported seafood products.
The slight dip in seafood export turnover, including squid and octopus, can be attributed to global inflation and economic recession, which reduced consumption demand from international markets, coupled with the unresolved IUU yellow card issue. Additionally, exporters of squid and octopus continued to face challenges related to the high cost of raw materials and unfavorable weather conditions for fishing activities.
South Korea, Vietnam’s largest market, primarily imports various processed squid and octopus products from Vietnam, including dried and peeled squid, cleaned and frozen squid, frozen sushi squid, cleaned and frozen squid tubes, frozen squid rings, whole cleaned and frozen octopus, iced octopus cuts, and frozen processed octopus, among others. South Korea aims to reduce its dependence on squid and octopus imports, especially from China.
Currently, Vietnam benefits from a 0% export tax rate to South Korea for fresh, live, and frozen octopus products, giving Vietnamese enterprises a significant advantage when entering this market. Moreover, South Korean consumers highly regard Vietnamese squid and octopus for their superior quality, safety, and taste compared to products from other countries.
Regarding Japan, this market favors squid and octopus imports from Vietnam due to the declining domestic catch in Japan, coupled with increasing demand, especially for convenient and ready-to-eat squid and octopus products that align with modern, busy lifestyles that leave less time for cooking.
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