The seafood industry still faces many challenges, including the risk of raw material shortages due to disease, high freight rates due to conflicts in the Red Sea, and international trade disruptions.

Vietnamese seafood has appeared on supermarket shelves in more than 170 countries and territories around the world. According to the latest data from the General Department of Customs, in July 2024, Vietnam's seafood exports reached 916 million USD, up 9% over the previous month. In the first 7 months of 2024, seafood export turnover reached 5.33 billion USD, up 8% over the same period last year, equivalent to an increase of 396 million USD. In the first 6 months of 2024 alone, seafood exports brought in more than 4.4 billion USD, an increase of nearly 7% over the same period in 2023.

Seafood exports to key markets in the first 7 months of 2024 all had significant growth. In the United States, the turnover reached 964 million USD, up 12.8%; Japan reached 840 million USD, up slightly 0.1%; China reached 837 million USD, up 11.6%; and the European Union (EU) reached 596 million USD, up 9.4% over the same period last year.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), while seafood exports to the United States and the EU are mainly frozen products, the Chinese market stands out with its demand for fresh products. This opens up huge opportunities for Vietnamese products such as lobster, crab, clam, and snail, which are popular in restaurants and hotels in China.

It is forecasted that in the second half of 2024, seafood exports will continue to grow, with export turnover in the final months of the year possibly being about 15% higher than the same period in 2023, reaching over 5.5 billion USD. In 2024, Vietnam's seafood exports are expected to reach nearly 10 billion USD, up 12% over the previous year.

However, the seafood industry still faces many challenges, including the risk of shortages of raw materials for processing due to disease, high freight rates due to conflicts in the Red Sea, and international trade disruptions. In particular, the EU has just issued new regulations on seafood imports, focusing on food safety and animal health, requiring Vietnamese businesses to comply with stricter standards.

The Department of Quality, Processing and Market Development (Ministry of Agriculture and Rural Development) affirmed that to continue exporting to the EU, enterprises must register in the EU's IMSOC system and fully comply with requirements on food safety, hygiene, and traceability. Meeting these new regulations will be a big challenge for Vietnamese enterprises in the coming time.

Source: Vietnamexport