Vietnam’s seafood exports maintained impressive growth in November, reaching $924 million, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). This marks a 17% increase compared to the same period in 2023.
Cumulatively, up to the end of November, Vietnam’s total seafood export turnover reached nearly $9.2 billion, an increase of 11.5% over the previous year.
Shrimp exports continued their strong performance, recording a 22% increase in November, earning $345 million. With eleven-month earnings of $3.5 billion, the sector is expected to reach the $4 billion mark by the end of the year. Shrimp currently accounts for 38.8% of the total export turnover of the seafood industry.
Shrimp harvesting in the Mekong Delta. Photo: Ngọc Trinh.
Other products such as pangasius and tuna also showed promising growth. Specifically, pangasius exports reached $1.84 billion in the first eleven months, and are expected to hit the $2 billion mark by the end of 2024, accounting for 20.1% of the industry’s total exports.
Although tuna growth slowed, it still increased by 8% compared to November 2023 and is on track to reach the $1 billion milestone achieved in 2022.
Additionally, crab, shellfish, and cephalopod exports recorded high growth rates, with shellfish experiencing an impressive 180% increase.
In terms of markets, China and Hong Kong surged ahead as the leading importers of Vietnamese seafood, with a 61% growth rate in November, bringing the cumulative turnover to over $1.7 billion, a 19% increase compared to the previous year.
The US market also demonstrated positive growth of 21% in November, reaching $1.67 billion in the eleven-month period, and is expected to remain favorable in the final month before potential new tariffs are imposed by the US government.
While the Japanese, European Union, and South Korean markets did not experience significant breakthroughs in November, they still made considerable contributions to the total seafood export turnover.
With the current growth momentum, the Vietnamese seafood industry is on track to achieve its target of $10 billion in exports, representing an 11.5% increase compared to 2023. Shrimp and pangasius will remain the two main pillars contributing to this success.
Ms. Kim Thu, VASEP’s shrimp market expert, shared her insights: “In 2023, global economic and geopolitical fluctuations, high inflation, and constrained consumer spending led to reduced shrimp import demand from major markets. Additionally, increased global shrimp production and explosive growth in Ecuador’s shrimp exports resulted in oversupply and a significant decline in global shrimp prices.”
“However, the situation has improved this year, with inflation cooling down, rising import demand from key markets, more stable shrimp production, and a positive trend in global shrimp prices. Vietnam’s shrimp exports, despite facing internal and external challenges, have shown encouraging results. The goal of achieving a $4 billion export turnover in 2024 is well within reach,” she added.
VASEP believes that 2024 holds great promise for the Vietnamese seafood industry, with impressive achievements not only in value but also in the diversity and stability of export markets and products. The industry is expected to maintain its growth trajectory in 2025, despite potential challenges arising from international trade policies.
Seafood Exports on Track to Hit $10 Billion Landmark
With the current growth trajectory, Vietnam’s seafood industry is on track to achieve its target of $10 billion for the full year 2024, marking an impressive 11.5% increase from 2023. Shrimp and catfish will remain the key drivers, with projections of reaching $4 billion and $2 billion, respectively.
Seafood Exports for the First Ten Months Reached $8.3 Billion, with Key Products Showing Strong Growth
The seafood industry is swimming towards success, with October’s achievements pushing the 10-month tally to a remarkable $8.33 billion in export turnover. This impressive figure marks a 12% increase compared to the same period last year, showcasing the sector’s resilience and growth. Key products such as shrimp, pangasius, and tuna have all witnessed positive growth trajectories, contributing to the industry’s overall triumph.
Shrimp and Catfish: A Tasty Duo Bringing Home the Bacon for Vietnam, Raking in Over $4 Billion in Just 9 Months
Vietnam’s shrimp and catfish exports have surged in the first nine months of the year, reaching impressive figures of $2.7 billion and $1.4 billion, respectively. These two powerhouse industries are projected to bring in a combined total of $6 billion for the country by the year’s end.
Vietnam Prepares for EU Inspection Delegation in Aquaculture
The European Union (EU) inspection team is set to visit Vietnam to audit its aquaculture industry. The team is expected to evaluate the country’s residue control program for products destined for the EU market and verify the reliability of ensuring that farmed seafood complies with residue regulations.
