Seafood exports expected to break through in the last months of the year

Ms. Le Hang (photo), Communications Director of the Vietnam Association of Seafood Exporters and Producers (VASEP)

Madam, in the third quarter of 2024, seafood exports had an impressive breakthrough with revenue of US$2.8 billion, an increase of 11 percent compared to the same period last year. Can you share details about the main factors that contributed to this result?

The third quarter was truly a memorable period with strong recovery from the main import markets of Vietnamese seafood. In particular, the two major markets, the US and China, played an important role in bringing Vietnamese seafood exports back to the growth trajectory.

Specifically, seafood exports to the US increased by 19.5 percent, reaching US$551 million, while exports to China and Hong Kong increased by 35.6 percent, reaching US$571 million. This shows that demand from major markets is increasing again, especially for key products such as shrimp and pangasius.

In the first 9 months of 2024, what are the highlights of export results to these markets, madam?

By the end of September, Vietnam’s seafood exports had reached US$7.2 billion, increasing by 9 percent compared to the same period last year. Both the US and Chinese markets brought in foreign currency revenues exceeding US$1.3 billion for the industry.

In particular, shrimp exports to the US increased by 9 percent, while tra fish exports increased by 24 percent. This is a positive signal showing that Vietnamese seafood products still retain their appeal in the eyes of international consumers, especially with deeply processed and high-quality products.

Shrimp exports to China in the first 9 months of the year also increased sharply by 29 percent, of which white-leg shrimp and lobster were the two species with impressive growth.

Consumption of fresh seafood for the restaurant, hotel and tourism service industry in China is still a bright spot for Vietnam's seafood exports to this market because we have geographical advantages and consumer tastes. Therefore, the export of rock lobster, clams and snails to this market has made a strong breakthrough this year.

Which aquatic species have good export prospects in 2024?

In 2024, both shrimp and pangasius will continue to be key products and have 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 US$2.8 billion, up 11 percent, and pangasius exports were nearly US$1.5 billion, up 8.3 percent. In addition, crab and mollusk exports also recorded strong growth.

Specifically, crab exports in the third quarter of 2024 increased by 59 percent, reaching US$228 million, mainly due to a sharp increase in the export of live crab products to the Chinese market.

Shellfish exports in the first nine months of this year reached US$147 million, increasing by 50 percent compared to the same period last year. Of this, clam exports alone accounted for 50 percent with US$73 million, up 19 percent.

In addition, oyster, scallop and snail exports all grew well this year.

What about the export situation of tuna, squid and octopus, madam?

Tuna exports had a positive start with a 23 percent increase in the first half of the year, but in the third quarter, the increase was only 9 percent.

Notably, in September, tuna export value fell to its lowest level since the beginning of the year due to new regulations on minimum size, making it difficult for fishermen to exploit.

Meanwhile, squid and octopus exports decreased slightly by 3 percent due to a decline in raw material sources and consumption.

Anti-IUU fishing regulations are also affecting exports of this product group.

How do you assess the prospects for seafood exports in the last quarter of the year and the whole year of 2024?

Export results in the fourth quarter of this year will depend on many factors, including the results of the EU's IUU inspection and the decision on anti-subsidy duties on shrimp exported to the United States.

If there are no major fluctuations and difficulties such as the IUU yellow card do not lead to a negative scenario, I believe that seafood exports can continue to grow positively.

It is expected that in 2024, seafood exports will reach about US$9.5 billion, an increase of 7 percent compared to 2023.

Can you share more about the challenges that the Vietnamese seafood industry is facing in the coming time?

I believe that, in addition to tax and regulatory challenges from major markets, the seafood industry also faces climate and environmental fluctuations, which affect raw material sources.

In addition, competition from other countries in the region is also increasing. Enterprises need to enhance their competitiveness by improving product quality and diversifying export markets.