In the first 8 months of 2024, seafood exports reached USD 6.3 billion, an increase of 9% over the same period last year, with shrimp, pangasius and tuna all gained strong growth.

Vietnam’s seafood industry has undergone major changes over the past few years. After the Covid-19 pandemic, seafood exports continued to face difficulties from 2020 to 2023, causing total turnover last year to fall below USD9 billion, down 18% year-on-year. However, 2024 is marking a strong recovery, with positive figures from the beginning of the year until now.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first 8 months of 2024, seafood export turnover reached nearly USD 6.3 billion, an increase of 9% over the same period. This growth was led by shrimp, pangasius, and tuna - the industry's key products.

Particularly, in the first 8 months of the year, pangasius exports reached nearly USD 1.3 billion USD, an increase of 9%. Meanwhile, tuna brought in USD 652 million, a sharp increase of 21% over the same period. These figures show that Vietnam's seafood industry is recovering after a difficult period.

The main reason for this recovery is the strong increase in consumption demand from major markets such as the US, China and the EU. In particular, in the US, shrimp exports increased by 21% in August thanks to retailers needing to replenish goods for the year-end holiday season. Reduced inventories and the US economic recovery also contributed to boosting shrimp imports from Vietnam.

China, one of the largest markets for Vietnamese seafood, also recorded significant growth. Shrimp exports to China in August increased by 21% compared to the same period last year, partly due to Ecuador - a major competitor - having problems with quarantine and product quality, opening up opportunities for Vietnam to gain market share.

Success was recorded not only with shrimp, but also with pangasius. In August, pangasius exports to the US reached USD 35 million, an increase of 40% over the same period. This is not only due to increased demand, but also due to the Bids and awards program of the US Department of Agriculture, expanding opportunities for white-meat fish like Vietnamese pangasius. In addition, the anti-dumping investigation on pangasius by the US Department of Commerce (DOC) also brought good news when Vietnamese exporting enterprises were determined not to have violated, helping them avoid anti-dumping taxes. This is an important turning point after two decades of facing trade barriers from the US market.

Kylie Nguyen