The export target of 10 billion USD is completely feasible.
According to the Ministry of Agriculture and Rural Development, the seafood industry aims to reach an export turnover of 9.5 billion USD in 2024, an increase of 3% compared to 2023. However, with positive signals in the last months of the year, this target may be adjusted to 10 billion USD.
As of October 2024, Vietnam's seafood export turnover reached 8.33 billion USD, an increase of 12% over the same period in 2023. Notably, in October, export turnover reached 1.1 billion USD, the first time in 27 months that it exceeded the 1 billion USD mark in a month.
Key products such as shrimp, pangasius and tuna all recorded positive growth. Shrimp exports in the first 10 months reached 3.2 billion USD, up 13% over the same period last year. Pangasius exports reached 1.7 billion USD, up 9%, while tuna exports reached more than 821 million USD, up 18%.
With this growth momentum, the seafood industry is confident that it will reach and exceed the export target of 10 billion USD in 2024. Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that if the export level of about 900 million USD per month is maintained in the last two months of the year, the target of 10 billion USD is completely feasible.
Major markets such as the US, China and Japan continue to be important destinations for Vietnamese seafood. Shrimp exports in October 2024 alone reached 394 million USD, up 24% over the same period last year and the cumulative 10-month figure reached 3.2 billion USD, up 13% over the same period. Notably, shrimp exports to the US in October reached more than 80 million USD, up 17% over the same period, bringing the total turnover in 10 months to 646 million USD, up 10%. Shrimp exports to familiar markets such as Japan and South Korea also recorded growth of 18% and 28% respectively in October (according to the Vietnam Association of Seafood Exporters and Producers - Vasep).
These results show strong recovery and growth of Vietnam's seafood industry in 2024, creating a solid foundation for development in 2025.
Development potential
Based on positive signals from the end of 2024, Vietnam's seafood industry has grounds to expect stronger growth in 2025.
In addition, aquaculture and seafood export are enjoying many preferential policies. The Government has directed research to increase the scale of the preferential credit program for the forestry and fishery sectors to about VND50,000 - 60,000 billion, to support businesses in the sector to access capital with preferential interest rates. The Government also approved the National Program for Protection and Development of Aquatic Resources to 2030, to protect and regenerate aquatic resources, ensuring sustainable development of the fisheries sector.
In addition, the fisheries sector is benefiting from many free trade agreements (FTAs) that our country has signed. These include the Vietnam - European Union Free Trade Agreement (EVFTA); the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP); the ASEAN - China Free Trade Agreement (ACFTA); the Vietnam - Korea Free Trade Agreement (VKFTA) or the Regional Comprehensive Economic Partnership (RCEP)... Participation in and effective implementation of these trade agreements helps the Vietnamese fisheries sector expand its market and take advantage of tariff incentives.
Currently, Vietnamese seafood enterprises are also promoting the application of science and technology in the farming and processing process, not only improving productivity and product quality but also contributing to expanding export markets. These advances have affirmed the position of the Vietnamese seafood industry, enhancing its competitiveness in the international arena.
2024 is forecasted to be the year when the Vietnamese seafood industry will adapt quickly and recover well after the difficulties of 2023. With the efforts of businesses, support from the Government and relevant agencies, the Vietnamese seafood industry can achieve its set goals and create momentum for sustainable development in 2025.
