In the first 8 months of 2024, Vietnam's seafood export-import market showed positive signals but still faced many challenges. Vietnam's total seafood export turnover during this period experienced slight growth compared to last year, with some products such as pangasius and shrimp maintaining a recovery trend, though not consistently across key markets.
Vietnam's Key Seafood Export Markets 6M2024 (Unit: Billion USD)
In August 2024, seafood export turnover continued to recover, with a growth rate of 20%, reaching nearly USD 953 million. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the cumulative 8 months of 2024, seafood export turnover reached nearly USD 6.3 billion, an increase of nearly 9% year-over-year (YoY).
Shrimp export turnover by the end of August reached nearly USD 2.4 billion, a 9% YoY increase. Whiteleg shrimp contributed approximately USD 1.75 billion, growing 8% YoY, while black tiger shrimp remained 7% lower YoY at nearly USD 290 million. Notably, lobster exports surged by 140% YoY.
Vietnam's Seafood Export Turnover from 2015 to 8M2024 (Unit: Billion USD)
Shrimp remains Vietnam’s primary seafood product, though it faces difficulties in maintaining market share in large markets such as the U.S. and China. Whiteleg shrimp exports to the U.S. only increased by nearly 7%, and to Japan by 2.4% YoY. However, with the significant rise in whiteleg shrimp export prices since February 2024, the outlook for the remaining months of the year appears more optimistic. Remarkably, in Japan, Vietnam’s black tiger shrimp retained its strong position and saw good growth, particularly thanks to the popularity of value-added products like pre-processed shrimp.
Pangasius exports have been a bright spot for the seafood industry, especially in the U.S. market, where export value increased 14 times compared to the same period, reaching nearly USD 6 million in the first 8 months of the year. This indicates a sharp rise in demand for pangasius in the U.S., especially for value-added products like battered fish, fish cakes, and fish skin snacks. Other potential markets like China and Hong Kong are also gradually growing, with an increase of three times compared to last year. It is expected that pangasius exports in the second half of 2024 will reach about USD 1 billion, raising the total annual export value to around USD 2 billion.
Seafood Export Turnover 8M2024 (Unit: Million USD)
To sustain growth, the Vietnam Association of Seafood Exporters and Producers (VASEP) recommends that enterprises increase investment in modern processing technology, enhance product quality, and actively engage in free trade agreements such as the EVFTA to expand markets in Europe. These are essential factors that will help Vietnam's seafood industry not only recover but also establish a new position on the global export map.
Source: General Statistics Office, Vietnam Association of Seafood Exporters and Producers (VASEP), Economic Pulse of Vietnam & the World
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