It is forecast that in the last months of the year, seafood exports will enter an acceleration cycle as usual, which is also the time when businesses work overtime to meet partners' orders. This is the basis for the seafood industry to achieve the export target of 10 billion USD in 2024.

Positive signals

Information from the Ministry of Agriculture and Rural Development, in the first 6 months of 2024, seafood exports reached over 4.4 billion USD, an increase of nearly 7% over the same period in 2023. Most key products grew slightly over the same period. For example: shrimp reached more than 1.6 billion USD, up 7%, pangasius reached 922 million USD, up nearly 6%; tuna reached 477 million USD, an increase of 25%.

In the first 6 months of 2024, seafood exports will reach over 4.4 billion USD. Illustration

The good news is that seafood exports are recording positive signs at the beginning of the third quarter of 2024 when many orders are signed and exports to demanding markets are promoted. In particular, the top 3 largest seafood import markets of Vietnam are still the US market (reaching 733 million USD, an increase of 9%); followed by China (reaching 766 million USD, up 7%), EU (reaching 513 million USD, up 12%).

Analysis of the reasons for positive growth in seafood exports; President of the Vietnam Association of Seafood Exporters and Producers (VASEP) Nguyen Thi Thu Sac said: facing difficulties and challenges due to the world economic downturn; Many seafood enterprises have promptly adjusted their production and business strategies to improve the efficiency of shrimp export to the US and EU markets.

In particular, businesses focus on input raw materials, improving production capacity to create quality export products with high competitiveness, ensuring they meet quite strict standards when exporting to the US and EU markets.

VASEP also recommends that businesses need to promote cooperation with farmers and cooperatives through signing product consumption contracts; At the same time, support farmers in farming techniques, breed selection, food, veterinary medicine, disease control and raw material preservation techniques after harvest.

Regarding the Chinese market, according to Ms. Nguyen Thi Thu Sac, in this market of 1.4 billion people, Ecuador is a shrimp supplier with a very large market share but mainly shrimp in the form of raw materials. Meanwhile, Vietnamese shrimp products are very diverse, with the strength being processed products and Chinese consumers will have many choices. Or like the EU, this market tends to be stable in both market prices and consumption. It is forecast that EU seafood import and demand will continue to increase from now until the end of 2024.

Take advantage and exploit market space

Many experts say that the biggest advantage of Vietnamese seafood is the increasing demand for value-added products. At international seafood exhibitions in the US and EU this year, value-added products are of particular interest to customers. Vietnam has advantages in value-added seafood processing and high worker skills.

In order for Vietnam's seafood exports to reach the target of 10 billion USD this year, businesses need to adapt and adjust their operating plans to suit the market context. Enterprises must simultaneously diversify export markets to avoid dependence, as well as expand new markets, aiming to develop the domestic market.

VASEP President Nguyen Thi Thu Sac

In addition, according to forecasts of seafood businesses, the end of the year is a time of many events and festivals, so the consumption of this product will increase sharply. Ensuring quality, output and exploiting good potential from markets will help Vietnam's seafood exports soon reach the target of 10 billion USD.

Dr. Nguyen Tri Hieu commented that the US economy this year has positive signs. Inflation in the US has decreased rapidly from 9% to 3% in 2024. It is predicted that the US will soon move to cut interest rates this year to stimulate consumption, so there will be a good opportunity to increase seafood consumption.

With the above advantages, the Ministry of Agriculture and Rural Development and VASEP both expect that in 2024, the seafood export situation will stabilize in the normal cycle, accelerating in the third and fourth quarters. It is forecast that seafood export turnover in the last 6 months of the year will be about 15% higher than the same period in 2023, reaching over 5.5 billion USD; Bringing export results for the whole year 2024 to 10 billion USD, up 12% compared to 2023.

According to experts, to achieve the export target of 10 billion USD this year, seafood businesses need to adapt and adjust their operating plans to suit the market context. Specifically, businesses need to diversify export markets to avoid dependence on one market; At the same time, increase exports to new markets, aiming to expand and promote the development of the domestic market.

In addition, businesses continue to promote product images to consumers, building the image and recognition of Vietnamese seafood. Along with that, update information from the markets, properly assess the situation, thereby getting the most appropriate and timely response.

Source: nguoiquansat.vn