In an impressive display of growth and resilience, Vietnam’s seafood exports broke the $1 billion mark in October 2024. This achievement, marking a 28% increase over the same period last year, represents the first time in 27 months that monthly exports have reached this milestone. The industry’s cumulative export value climbed to $8.27 billion by the end of October, reflecting a solid year-on-year growth of 11.4%, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
This surge signals a strong recovery for Vietnam's seafood sector, which has been working hard to meet growing global demand. Key markets like China, Hong Kong, and the United States have shown a significant appetite for Vietnamese seafood. Exports to China and Hong Kong surged by 37%, while exports to the United States grew by 31%, underlining the sector’s expanding global footprint.
Shrimp Leads the Way with Over $3.2 Billion in Exports
Vietnamese shrimp has been a standout in the industry’s performance, with exports reaching over $3.2 billion, an impressive 13% rise from last year. This growth has been bolstered by competitive countervailing duties that give Vietnamese shrimp an edge over competitors in key markets. Pangasius exports, approaching $1.7 billion, saw a 10% year-on-year increase. These achievements highlight the quality and reputation of Vietnamese seafood in international markets, with shrimp and pangasius firmly leading the industry’s export value.
Overcoming Challenges in Raw Material Supply
Despite these gains, Vietnam’s seafood producers are navigating significant challenges. A shortage of raw materials has impacted production capacity, with many producers working to secure stable supplies to meet international demand. However, the industry’s resilience and adaptability have helped sustain export growth despite these obstacles, and companies are making investments to ensure steady supply chains.
Anticipation Builds for EU’s Upcoming IUU Inspection
As Vietnam’s seafood industry looks to expand its reach in Europe, it is also preparing for the European Union’s IUU (Illegal, Unreported, and Unregulated) inspection, scheduled for November. This inspection could play a pivotal role in shaping the future of Vietnam’s seafood exports to Europe, especially in tuna, a high-demand product in the EU market. A positive outcome from this inspection could open additional export opportunities and further strengthen the sector’s standing in European markets.
Crab and Shellfish Maintain Strong Growth
In addition to shrimp and pangasius, other segments within the industry, such as crab and shellfish, have seen robust growth. These products are increasingly popular in various markets, contributing to the industry’s overall export momentum.
A Promising Future with Opportunities and Challenges Ahead
Vietnam’s seafood sector is on a promising growth trajectory, driven by strong demand and strategic market expansions. While challenges remain, particularly in raw material shortages and regulatory compliance, the industry is well-positioned to leverage its competitive advantages. With key export markets showing increased demand, the Vietnamese seafood industry is poised to continue its growth momentum, provided it can address supply constraints and adhere to international standards.
In summary, Vietnam’s seafood export sector is rebounding strongly, delivering significant value to the national economy and enhancing its role in the global seafood market. As the year comes to a close, the industry remains focused on sustaining this positive trend, maximizing growth potential, and overcoming challenges to ensure a steady upward trajectory in the coming years.
Source: VASEP
