In the first three quarters of the year, seafood exports achieved good results with double-digit growth of many key products.

Third quarter breaks out with highest sales since the beginning of the year

According to the latest data from the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam's seafood exports in the third quarter of 2024 achieved the highest sales since the beginning of the year as demand from major markets is increasing strongly again.

In 2024, both shrimp and pangasius will continue to be key products with positive prospects, thanks to growing demand and recovering prices in markets such as the US, China, Japan, and Australia. By the end of September, shrimp exports reached over 2.8 billion USD, up 11%, and pangasius exports were nearly 1.5 billion USD, up 8.3%. In addition, crab and mollusk exports also recorded strong growth. Specifically, crab exports in the third quarter of 2024 increased by 59%, reaching 228 million USD, mainly due to a sharp increase in live crab exports to the Chinese market. Shellfish exports in the first 9 months of this year reached 147 million USD, up 50% over the same period last year. Of which, clam exports alone accounted for 50% with 73 million USD, up 19%.

Among them, the two major markets, the US and China, with double-digit growth, played an important role in bringing Vietnam's seafood exports back to the growth trajectory of the previous period. Accordingly, seafood exports to the US increased by 19.5%, reaching 551 million USD, while exports to China and Hong Kong increased by 35.6%, reaching 571 million USD. By the end of the third quarter, these two markets both brought in foreign currency revenue exceeding 1.3 billion USD for our country's seafood industry.

Talking to reporters, Ms. Le Hang - representative of VASEP assessed that the third quarter witnessed a strong recovery from the main import markets of Vietnam's seafood. By the end of September, Vietnam's seafood exports reached 7.2 billion USD, up 9% over the same period in 2023.

In particular, for the US market, the most impressive growth was in pangasius exports with 24%, shrimp exports to the US increased by 9%. As for the Chinese market, in the first 9 months of the year, shrimp exports also increased sharply by 29%, of which white-leg shrimp and lobster were the two species with impressive growth.

"The high growth of fresh seafood for the restaurant, hotel and tourism service industry in China is an opportunity for Vietnam's seafood exports. Since the beginning of the year, the export of rock lobster, clams and snails to this market has made a strong breakthrough and is expected to increase further in the last months of the year", Ms. Hang emphasized.

Thus, it can be seen that, despite fierce competition from rivals, Vietnamese seafood products still retain their attractiveness in the eyes of international consumers.

Pangasius fish exports flourish, will reach 2 billion USD

The United States continues to be the second largest consumer of Vietnamese pangasius, after China.

According to data from the General Department of Customs, pangasius exports in September 2024 reached 172 million USD, up 3% compared to September 2023. In the first 9 months of 2024, pangasius exports reached 1.5 billion USD, up 8% over the same period last year.

Notably, pangasius exports to the United States recorded positive results in September 2024, with a value of more than 30 million USD, up 32% compared to September 2023. In the 3 quarters of 2024, it reached 256 million USD, up 24% over the same period last year. According to the International Trade Center (ITC), Vietnam is still the largest supplier of pangasius products to the United States in the first 9 months of this year.

Notably, in September 2024, Thailand rose to become the 3rd largest single importer of Vietnamese pangasius. Pangasius exports to the "Land of the Golden Pagoda" in September 2024 reached 5.8 million USD. From the beginning of the year to the end of September 2024, pangasius exports to this market reached 46 million USD, an increase of 6% over the same period in 2023.

Regarding export products, frozen pangasius fillets are still the main product of Vietnamese pangasius exports. The export value of this product to markets in the first 9 months of this year increased by 5% and reached 1.2 billion USD. By the end of September 2024, processed pangasius exports continued to grow by 45%, reaching 32 million USD. Exports of dried pangasius and other frozen products (whole, cut, ...) reached 273 million USD, an increase of 23% over the same period last year.

Need to invest in deep processing to maintain position

Commenting on the seafood export figure in 2024, a representative of VASEP said that it is forecast to reach about 9.5 billion USD. However, the export results in the fourth quarter of this year will depend on many factors such as the results of the IUU inspection from the EU and the decision on anti-subsidy tax on shrimp exported to the United States...

In addition to tax and regulatory challenges from major markets, the seafood industry also faces fluctuations in climate and environment, affecting raw material sources. In addition, the increasing competition from rivals is pushing businesses to improve their competitiveness by improving product quality and diversifying export markets.

According to a representative of the Import-Export Department (Ministry of Industry and Trade), in the fourth quarter of 2024, import-export trade activities will grow rapidly. Major markets will focus on importing and stockpiling goods to prepare for festivals. This is also the peak season for exporting pangasius, so Vietnamese enterprises need to proactively seize opportunities from the market, take advantage of opportunities to promote and trade, especially deeply processed pangasius products, to thereby increase added value.

"Currently, our competitors such as India, China, Indonesia... are stepping up investment in production, which may break Vietnam's monopoly in the near future. Vietnamese enterprises cannot continue to compete with low prices but must move up a notch in the value chain. Enterprises need to focus on building deeply processed and high-quality products - this is the product segment that will "reign" in the future. Therefore, only investing in deep processing can bring high economic value, compete with competitors and develop sustainably", Ms. Hang recommended./.

Source: VTV