This growth underscores the resilience and adaptability of Vietnam’s seafood industry

Vietnam's Seafood Exports Poised to Hit $10 Billion Milestone in 2024

VIET NAM
Tuesday, December 03, 2024, 00:10 (GMT + 9)

The year 2024 has been a standout for Vietnam’s seafood export industry, with total export turnover expected to surpass the $10 billion mark, signaling a significant milestone in its development journey

After reaching an unprecedented $1 billion in October, seafood exports in November slightly moderated but continued to post impressive growth, recording $924 million—a 17% increase compared to the same period in 2023. By the end of November, cumulative export turnover reached $9.2 billion, reflecting an 11.5% year-on-year growth, according to Ms. Le Hang, Communications Director at VASEP.

Shrimp Leads the Charge

Shrimp exports demonstrated robust momentum, growing by 22% in November. Projections suggest that shrimp exports will contribute $4 billion by year’s end, anchoring its position as a critical driver of Vietnam’s seafood export success.

Pangasius also showed strong performance, reaching $1.84 billion in the first 11 months, with expectations to hit $2 billion by the close of 2024. Tuna exports, despite a slower growth rate, increased 8% in November compared to 2023, with the industry targeting the $1 billion milestone, a figure last achieved in 2022. Additionally, other seafood categories, such as crab, squid, and shellfish, have shown remarkable growth, with shellfish exports surging an impressive 180%.

By-Products Strengthen Export Portfolio

Vietnam’s seafood export industry has diversified its offerings by capitalizing on by-products, particularly fishmeal. Fishmeal exports generated $220.4 million during the first 10 months and are forecast to reach $264.6 million by year’s end. The Chinese market remains dominant, accounting for nearly 90% of fishmeal export turnover.

Market Highlights

China-Hong Kong emerged as Vietnam’s largest seafood export market, with a 61% growth in November. Total exports to the region have exceeded $1.7 billion, marking a 19% increase over the same period last year.

The United States also posted robust growth, with exports rising 21% in November, totaling $1.67 billion after 11 months. Analysts forecast continued positive momentum in December, although potential new tariffs loom on the horizon. Meanwhile, Japan, the European Union, and South Korea maintained steady contributions to Vietnam’s overall seafood export performance despite a lack of significant growth in November.

2024 Outlook

Barring any unforeseen disruptions, Vietnam's seafood industry is set to achieve its $10 billion export target, representing an 11.5% increase over 2023. Shrimp and pangasius will remain the primary pillars, with shrimp exports forecast at $4 billion and pangasius anticipated to reach $2 billion.

This growth underscores the resilience and adaptability of Vietnam’s seafood industry, not only in terms of export value but also in the diversity and stability of its product offerings and market reach. With strong fundamentals and strategic expansion, 2024 cements Vietnam's position as a global leader in seafood exports.

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