AsemconnectVietnam - Seafood export turnover reached 3.6 billion USD in the first 5 months of 2024, up 6.5% over the same period in 2023, according to the Vietnam Association of Seafood Exporters and Producers.

In May 2024, the country’s seafood exports are estimated to reach 870 million USD, up over 7% over the same period last year. In particular, exports of tuna and crab continued to surge strongly, while exports of pangasius, squid and octopus increased slightly. Only exports of shrimp products are slightly lower than the same period last year.
This month, tuna export value increased by 36% to over 95 million USD, of which canned tuna products rose by 18%, bagged tuna increased dramatically by more than 3.5 times, frozen loin or filet tuna soared by 25% and frozen whole tuna surged nearly seven times compared to May 2023. Until the end of May 2024, tuna exports reached nearly 397 million USD, up 25% over the same period.
Crab exports in May increased nearly 92% to over 26 million USD, bringing the export value of the commodity in the first five months this year to 101 million USD, up 84%, mainly thanks to crab products rising by more than two times from the same period. The two largest markets, China and Japan, increased imports of Vietnamese crab.
In particular, China is the largest consumer market of Vietnamese live crab, with an import increase of 11 times over the same period in 2023. For the Japanese market, Vietnam mainly exports products of snow crab such as snow crab meat, shelled snow crab, snow crab claws and a small portion of ground crab.
Pangasius exports increased by 10% and exports of octopus, squid and other fish species all increased by 3% in May. In the first five months of the year, pangasius exports brought in nearly 755 million USD, up 3% from the same period last year. Meanwhile, marine fish exports decreased by 3% to 742 million USD, octopus squid reached 236 million USD, down nearly 2% from the same period last year.
In May 2024, shrimp exports alone decreased by 1.5% to reach 326 million USD, but in the first 5 months of the year, export of the commodity still maintained a positive growth rate of 7%, worth 1.3 billion USD.
In spite of no strong breakthroughs, major markets have shown signs of gradual recovery in both demand and import prices. Accordingly, seafood exports to the US, Japan, the EU and the RoK all grew in May with an increase of 5 - 26%, while exports to China decreased by 8% from the same period.
As of the end of May, the US still took the lead among Vietnamese seafood export markets with a growth rate of 13%, worth 635 million USD.
Vietnam’s export shrimp
In the first 5 months of this year, Vietnamese businesses have exported shrimp to 103 markets, earning 1.3 billion USD, an increase of 7% over the same period last year. The slight increase in export value compared to the same period is a positive sign, however, the shrimp industry continues to face many challenges as the world economy has not shown signs of recovery, inflation remains high, and the war has not ended.
Vietnam's shrimp exports to the US reached 229 million USD in this period, up 1% from the same period last year. Shrimp exports to the US only increased sharply in January, while decreasing sharply in February, April and May.
In this market, inflation remains high, with high housing, gasoline, and gas costs. In addition, freight rates have increased sharply by 40% since May due to the war in the Middle East and China's hoarding of empty containers in anticipation of new tariffs on exports to the US. Vietnamese shrimp also faces strong price competition with shrimp from Ecuador, India, and Indonesia in the US market. Vietnam exported 165 million USD worth of shrimp to Europe in the first five months of this year, an increase of 8% over the same period previous year. After declining in February and March, shrimp exports to the EU increased in April and May.
Due to several factors, including the protracted conflict between Russia and Ukraine, the weakening of the euro against the US dollar, detours that resulted in a 60% increase in freight costs, and China's hoarding of empty containers for export to the US, shrimp consumption in the EU market was extremely slow in the first quarter.
Vietnam exported $183 million worth of shrimp to Japan in the first five months of this year, a 4% decrease from the same period the previous year. Exports decreased from February to May despite low importer inventory because of the fall of the Yen and high inflation, which made consumers more frugal with their purchasing.
In the first 5 months of this year, Vietnam's shrimp exports to China and Hong Kong reached 260 million USD, up 21% from the same period last year. Exports to this market grew gradually from January to April. And there are signs of a sharp decline in May. The main reason is that Vietnam's shrimp prices are higher than those of rival suppliers.
Vietnam exported 124 million USD worth of shrimp to South Korea in the first five months of this year, a 9% decrease from the same period the previous year. The weakening of the Vietnamese currency, slow consumption demand, high inflation, and rising interest rates have hindered the recovery of Vietnamese shrimp exports to South Korea.
Canned tuna: Increased market share of Vietnamese in the US
Vietnam's canned tuna exports continue to grow rapidly in the first months of 2024. In April 2024 alone, canned tuna exports to this market increased by 127%, reaching more than 10 million USD. Cumulatively, in the first 4 months of 2024, exports to this market reached more than 38 million USD, up 102% over the same period in 2023 and up 25% over the same period in 2022.
According to statistics from the US Department of Agriculture, Vietnam is currently the second-largest source of canned tuna for the US market, accounting for 16% of the country's total import volume, after Thailand.
Although the US is increasing imports of canned tuna from Vietnam, the country's total imports in the first quarter of 2024 decreased slightly over the same period, reaching only nearly 33 thousand tons. The reason is that the US reduced imports from Thailand, the largest source of tuna for this market, accounting for 51% of total import volume. In the first quarter of 2024, US canned fish imports from Thailand decreased by 9%. The average price of Thai canned tuna products exported to the US in the first quarter of 2024 fluctuated around 4,422 USD/ton.
Along with Vietnam, Mexico's canned tuna exports to the US are also increasing slightly. The average export price of Mexican canned tuna products to this market in the first quarter of 2024 tends to increase compared to the same period in 2023, fluctuating at 4,735 USD/ton.
Whitemeat fish: Vietnam is the top supplier of whitemeat fish to Colombia for over a decade
According to data from Vietnam Customs, in the first half of May 2024, Vietnam's pangasius exports to Colombia reached nearly USD 1.6 million, up 140% compared to the same period last year. As of May 15, 2024, cumulative pangasius exports to this market reached USD 16 million, up 34% compared to the same period in 2023.
According to ITC data, Colombia mainly consumes frozen pangasius products (HS code 030424), frozen tilapia HS code 030461, frozen pangasius fillets HS code 030462, etc. In 2023, this South American country consumed nearly USD 50 million of white meat fish, of which the import volume from Vietnam (mainly pangasius) reached nearly 24,000 tons, worth over USD 33 million, accounting for 66% of the market share. Following Vietnam, China, Ecuador, Peru, and Venezuela are also the largest suppliers of white meat fish to the Colombian market.
Since 2012, Vietnam has continued to be Colombia's primary supplier of white meat fish, according to ITC. Over the course of the previous 11 years, the South American nation has also continued to steadily grow its imports of white meat fish, primarily pangasius, from Vietnam. Colombia consumed more white meat fish products from Vietnam in 2014 than any other country in the race to export white meat fish to this market, with a value of over USD 48 million, or 96% of the market share.
Dong Thap: Fishery production to reach 5,554 billion VND in H1.2024
According to Dong Thap Sub - Department of Livestock, Veterinary, and Fisheries, in the first six months of the year, the estimated production value of the seafood industry reached 5,554 billion VND, up 3.22% over the same period, equal to 101,000 VND and 98% of the 6-month plan. Of which, the production value of pangasius reached 3,586 billion VND, shrimp reached 97.2 billion VND, and other seafood reached more than 1,410 billion VND. The aquaculture area is estimated at 4,540 hectares, down 6.47% over the same period, equal to 93.03% of the 6-month plan. Total harvested seafood output is estimated at 285,196 tons, up 6.64% over the same period, equal to 104.51% of the 6-month plan.
According Sub-Department of Industry, Health, and Fisheries, implement the project to restructure the province's pangasius industry for the period 2021–2023 and plan by 2025 with many key solutions. In particular, the province focus on diversification of value-added products that meet quality and food safety conditions to serve the domestic and export markets, contributing to improving production efficiency. Production value in the period 2021–2023 continuously increased, with 2023 reaching more than 8,550 billion VND, reaching 94.6% of the planned target (estimated to reach more than 9,046 billion VND by 2025). The production value of the pangasius industry in 2023 accounted for 17.4% of the value structure of the agriculture, forestry and fisheries sectors, exceeding the yearly target of about 17.2%.
T.Huong
Source: Vitic