Many products grow by 2-3 digits
According to Vietnam Association of Seafood Exporters and Producers (VASEP), in August 2024, seafood exports continued to recover with a growth rate of 20%, reaching nearly 953 million USD. In the first 8 months of the year, seafood exports reached nearly 6.3 billion USD, up nearly 9% over the same period last year.
Except for squid and octopus, whose export turnover decreased by 15% in August, exports of all other key products grew by 2-3 digits. Of which, shrimp exports increased by 30%, pangasius increased by 18%, tuna increased by 13% and other marine fish increased by 12%.
Specifically, shrimp exports by the end of August reached nearly 2.4 billion USD, up 9% over the same period last year, of which whiteleg shrimp reached about 1.75 billion USD, up 8%, black tiger shrimp exports were still 7% lower than the same period, reaching nearly 290 million USD. Lobster alone maintained good growth momentum in August, so the export turnover in the first 8 months of the year was 140% higher than the same period in 2023.
In addition to challenges of anti-subsidy and anti-dumping taxes, shrimp exports are showing a positive trend, with stable growth in recent months. After the Vietfish Seafood Exhibition last August, exports showed better signs. Moreover, forecast of a decrease in global shrimp production in 2024 will also impact shrimp prices.
Output from China, Ecuador and India is expected to decline this year, causing global output to fall by about 260,000 tonnes (equivalent to a 5% decrease) to 4.89 million tonnes. Shrimp consumption has begun to increase in Europe and the US market has also recovered slightly, although import prices into China remain low, but these are also positive signs for the shrimp market.
Pangasius exports in the first 8 months of the year reached nearly 1.3 billion USD, up 9% over the same period last year. While exports to China remain stagnant, recovery of the US market is a lever for pangasius exports to grow. Exports to the US increased by 23% over the same period last year, while exports to China still decreased by 3%. The US continues to have demand for whitefish species under the bidding programs of Ministry of Agriculture of this country.
On August 29, the U.S. Department of Agriculture (USDA) announced that it would be purchasing more seafood, this time Pacific cod, also known as cod, grouper fillets and catfish products. The Department also announced that it paid $6.5 million for 1.5 million pounds of catfish. The purchase was split among five processors in the U.S. Gulf of Mexico region: Alabama Catfish, based in Uniontown, Alabama; America's Catch, based in Itta Bena, Mississippi; Isola, Mississippi Consolidated Catfish Producers; Heartland Catfish, also based in Itta Bena, Mississippi; and Magnolia Processing, based in Tunica, Mississippi. Tuna exports by the end of August reached 652 million USD, up 21% over the same period in 2023. General market trend is still in demand for tuna products from Vietnam but in the coming months, tuna exports will find it difficult to maintain good growth momentum as from the beginning of the year until now due to lack of raw materials.
Since Decree 37/2024 took effect, with minimum size regulation for skipjack tuna being 0.5m, businesses have been almost unable to buy tuna according to that size regulation, so there are not enough domestic raw materials to produce canned tuna, as well as other export products.
Squid and octopus exports have been most clearly affected by the IUU yellow card, issue of certifying and certifying exploitation of this product has encountered many difficulties, causing businesses to not have raw materials to ensure sufficient export documents. Therefore, by end of August, squid and octopus exports still decreased by 2% over the same period, reaching 402 million USD.
Estimated revenue for whole year is 9.4 - 9.5 billion USD
However, VASEP commented that, in general, seafood exports to markets are showing a more positive trend in terms of demand as well as a gradual recovery in prices. However, there are still some major challenges that will limit growth in the coming months such as the IUU yellow card, anti-subsidy tax, anti-dumping tax, etc. Therefore, seafood exports by the end of 2024 will fluctuate at 9.4 - 9.5 billion USD, an increase of nearly 6% compared to 2023.
Talking to reporters, Mr. Phung Duc Tien - Deputy Minister of Agriculture and Rural Development - commented that Vietnam has great potential to develop seafood, especially aquaculture, being the third largest seafood exporter in the world, accounting for over 7% of the market share in the world market, behind only China and Norway.
Aquaculture is considered one of the key industries of the country, contributing significant value to the country's economy as well as global logistics services. With results achieved in the first 8 months of the year, Mr. Phung Duc Tien commented that Vietnamese seafood industry will strive to achieve the target of 10 billion USD in export value in 2024.

Source: Vitic/ congthuong.vn