According to the Vietnam Association of Seafood Exporters and Producers, after reaching a peak of 1 billion USD in October, seafood exports in November slowed down slightly but still maintained impressive growth, with a value of 924 million USD, up 17% over the same period in 2023.
Accumulated to the end of November, Vietnam's total seafood export turnover reached nearly 9.2 billion USD, up 11.5% over the previous year.
Shrimp exports continued to maintain impressive growth, reaching an increase of 22% in November, and are expected to reach the 4 billion USD mark by the end of the year. Other products such as pangasius and tuna also recorded positive growth.
Pangasius reached 1.84 billion USD in the first 11 months of the year, and is forecast to reach 2 billion USD by the end of 2024. Tuna, despite slowing growth, still increased by 8% compared to November 2023, and could reach 1 billion USD as a record in 2022.
Some products such as crabs, shellfish and squid also recorded high growth, of which shellfish had an impressive growth rate of up to 180%.
In addition to its main products, Vietnam’s seafood export industry has also strongly developed by-products such as fishmeal. Fishmeal exports reached 220.4 million USD in the first 10 months of the year, and are forecast to reach 264.6 million USD for the whole year, with the Chinese market accounting for nearly 90% of fishmeal export turnover.
2024 is witnessing strong growth momentum in Vietnam's seafood exports, as exports continue to achieve impressive achievements, not only in value but also in diversity and stability of export markets and products.
By the end of the year, with the current growth momentum, the Vietnamese seafood industry can achieve the export target of 10 billion USD, an increase of 11.5% compared to 2023 and marking an important milestone in the export development journey of this industry. In particular, shrimp and pangasius will continue to be the two main pillars contributing to the success of the seafood industry, with shrimp forecast to reach 4 billion USD and pangasius possibly reaching 2 billion USD.
Mr. Truong Dinh Hoe - General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), said that after 4 years of disruption due to the COVID-19 pandemic, war, inflation, and market developments gradually stabilizing, Vietnam's seafood exports in 2024 have returned to the usual trajectory of accelerating in the second half of the year.
In which, key products all had significant breakthroughs compared to the same period in 2023 such as pangasius increased by 10% (1.7 billion USD), shrimp exports increased by 20% (3.2 billion USD), crabs increased by 59% (267 million USD), shellfish increased by 137% compared to the same period (173 million USD). However, tuna exports tended to stagnate and octopus exports decreased.
"Shrimp and pangasius exports both had positive export results thanks to the recovery in demand and prices in the US and Chinese markets, along with the strength of value-added products in other markets such as Japan and Australia...
The recovery and breakthrough of major import markets, especially the US and China, have boosted Vietnam's seafood exports in recent months and the last months of the year," Mr. Hoe assessed.
