Vietnam's seafood export situation in the first five months of 2024 has recorded many positive signals with significant growth compared to the same period in 2023.

Five months of seafood exports reaching $3.6 Billion

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in May 2024, Vietnam's seafood exports were estimated at $870 million, an increase of over 7% compared to the same period last year. Specifically, products such as tuna and crab had a strong breakthrough, while exports of pangasius, squid, and octopus saw only slight increases. Shrimp exports, however, were slightly lower than the same period last year.

Cumulatively, in the first five months of 2024, the total value of seafood exports reached $3.6 billion, up 6.5% compared to the same period in 2023. Among them, tuna exports increased by 36%, reaching over $95 million, with canned tuna products up 18%, bagged tuna up more than 3.5 times, frozen tuna loins/fillets up 25%, and whole frozen tuna up nearly seven times compared to May 2023. As of the end of May 2024, tuna exports reached nearly $397 million, up 25% compared to the same period last year.

Crab exports in May increased by nearly 92%, reaching over $26 million. Cumulatively in the first five months, crab exports reached $101 million, up 84% compared to the same period last year, mainly due to strong growth in crab products. Pangasius exports also increased by 10% in May, and cumulatively in the first five months reached nearly $755 million, a slight increase of 3% compared to the same period last year. Squid and octopus, along with other fish species, saw a slight increase of 3% in May.

Shrimp exports, however, decreased by 1.5% in May, reaching $326 million, but cumulatively in the first five months still maintained a growth rate of 7%, reaching $1.3 billion.

Vietnam's seafood exports have reached nearly halfway through 2024.

Recovery signals in major markets

Vietnam's major markets have shown gradual recovery signals in both consumption demand and import prices. Notably, seafood exports to countries such as the US, Japan, the EU, and South Korea all grew in May, with increases ranging from 5% to 26%, while exports to China decreased by 8% compared to the same period. By the end of May, the US still led with a growth rate of 13%, reaching $635 million in seafood import value from Vietnam. Exports to Japan, China, South Korea, and the EU saw modest growth of 3% to 4% compared to the same period last year.

Vietnam's seafood export target for 2024

The forecast for 2024 suggests that Vietnam's seafood export turnover could reach between $9.5 billion and $10 billion thanks to adjustments and adaptations to the market context. However, the seafood industry still faces many challenges, such as rising production costs, slow global consumption recovery, and ongoing geopolitical issues disrupting global trade.

Overall, despite numerous difficulties, Vietnam's seafood industry is striving to seize opportunities to recover and develop sustainably in the coming period. Measures include improving product quality, expanding export markets, and advancing production technology to reduce costs and increase efficiency. Additionally, complying with international standards and promoting the national brand are also crucial factors to help Vietnam's seafood industry compete in the global market.

Hoa Thy - Tep Bac