Photo: VASEP/FIS

Vietnam Earns Over US$7 Billion from Seafood Exports in Nine Months

VIET NAM
Monday, October 07, 2024, 00:10 (GMT + 9)

Vietnam's fishery exports reached US$866 million in September, bringing the cumulative total for the first nine months of 2024 to $7.16 billion, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). This marks a year-on-year growth of 8.5%.

After years of disruptions caused by COVID-19, global conflicts, and inflation, international markets are stabilizing, allowing Vietnam’s fishery sector to regain momentum, particularly in the latter half of the year, VASEP reported.

In the third quarter alone, fishery exports hit $2.76 billion, reflecting a nearly 13% increase compared to the same period in 2023.

Key products experienced substantial growth. Shipments of pangasius (tra fish) rose by 13.5%, shrimp by 17.5%, crab by 56%, and shelled mollusks by an impressive 95%.

Shrimp remains the largest contributor to foreign currency earnings, reaching approximately $2.8 billion in the first nine months, a 10.5% increase year-on-year. While frozen shrimp exports are facing competition from Ecuador and India, processed shrimp continues to hold a robust position in the global market.

Processed whiteleg shrimp exports grew by nearly 10%, while frozen whiteleg shrimp saw a 4.5% increase during this period.

Source: VASEP

Pangasius exports earned $1.46 billion from January to September, reflecting an 8% annual rise, with processed products surging by 42%.

Tuna exports, although strong earlier in the year, have slowed since August due to raw material shortages. However, they still managed to grow 16%, totaling $715 million in nine months.

Crab exports, driven by rising demand from China, saw extraordinary growth, increasing by 56% in the third quarter and 66% over the nine-month period.

VASEP forecasts that the total export value of fishery products for 2024 will reach $9.5 billion, representing a 7% increase compared to 2023. Shrimp exports are expected to hit nearly $4 billion, pangasius $2 billion, tuna close to $1 billion, and squid and octopus approximately $640 million.

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