Vietnam’s fishery exports have seen significant growth in 2024, earning over $7.16 billion in the first nine months, a year-on-year rise of 8.5%, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). In September alone, exports reached $866 million, highlighting the strong recovery of the global seafood market after disruptions caused by COVID-19, inflation, and conflicts.
With markets stabilising in the latter half of 2024, Vietnam’s seafood industry has regained momentum, and the third quarter recorded exports worth $2.76 billion, a 13% increase compared to the same period last year. Key products such as shrimp, tra fish, crab, and mollusks have led this surge in demand.
Shrimp Exports Lead the Way
Shrimp exports continue to be Vietnam’s leading seafood product, earning approximately $2.8 billion in the first nine months of the year, reflecting a 10.5% growth. While frozen shrimp exports face tough competition from Ecuador and India, Vietnam’s processed shrimp remains strong in international markets. Processed whiteleg shrimp exports have grown by 10%, while frozen whiteleg shrimp saw a 4.5% increase.
Tra Fish and Crab Exports Surge
Tra fish (Pangasius), one of Vietnam’s top export products, has contributed $1.46 billion to the overall fishery exports, marking an 8% rise. Processed tra fish exports jumped by an impressive 42%, highlighting a growing preference for value-added products in global markets. Crab exports have shown remarkable growth, surging by 56% in the third quarter alone, with a total nine-month increase of 66%. China’s strong demand is the primary driver of this growth.
Challenges and Outlook for 2024
While tuna exports showed strong performance earlier in the year, a shortage of raw materials has slowed the growth since August. Despite this, Vietnam’s tuna exports still increased by 16% year-on-year, reaching $715 million in nine months.
VASEP predicts that Vietnam total fishery exports value for 2024 will reach $9.5 billion, a 7% increase from 2023. Shrimp exports are expected to hit nearly $4 billion, tra fish exports could rise to $2 billion, and tuna is forecast to bring in close to $1 billion. Additionally, squid and octopus exports are projected to contribute $640 million.
With these promising trends, Vietnam remains a key player in the global seafood market, contributing significantly to international seafood trade.
