AsemconnectVietnam - In the first 11 months of 2024, the value of seafood exports reached 9.2 billion USD, an increase of 11.8% over the same period last year. With the above results, it is forecasted that the seafood industry can complete the target of 10 billion USD in export value, an increase of nearly 12% compared to 2023. In which, shrimp and pangasius will continue to be the two main pillars contributing to this success.

Seafood exports increased by 17.5%
According to data just announced by the General Statistics Office, seafood output in November of 2024 was estimated at 864,800 tonnes, an increase of 3.4% over the same period last year. Of the figure, the output of fish was estimated at 598,600 tonnes, an increase of 2.8%; shrimp output was estimated at 144,000 tonnes, up by 6.9%; other aquatic products were estimated at 122,200 tonnes, up by 2.6%.
The output of exploited aquatic products in November of 2024 was estimated at 287,900 tonnes, up by 0.8% over the same period last year. Of the figures, the output of fish reached 216,100 tonnes, up by 0.8%; shrimp 13,300 tonnes, equal to the same period last year; other aquatic products 58,500 tonnes, up by 0.9%. The output of exploited marine aquatic products was estimated at 266,900 tonnes, up by 0.6% over the same period last year.
In terms of markets, China and Hong Kong (China) have taken the lead in Vietnam's seafood import markets, with a growth rate of 61% in November, bringing the total cumulative turnover to more than 1.7 billion USD, up by 19% over the same period last year.
The US market also recorded positive growth of 21% in November, reaching 1.67 billion USD after 11 months and is forecast to continue to be positive in the last month of the year before the US government can apply new tariffs.
In the 11 months of 2024, the estimated seafood output was 8,754,600 tonnes, up by 2.5% over the same period last year. Of the figures, the output of fish reached 6,126,900 tonnes, up by 2.3%; shrimp 1,370,000 tonnes, up by 4.8%; other seafood reaching 1,257,700 tonnes, up by 1.2%.
The export turnover of agriculture, forestry and fishery products in the 11 months of 2024 reached 56.74 billion USD, up by 19% over the same period of 2023, of which the seafood group had a surplus of 6.88 billion USD, up by 17.5%. Notably, by product, Vietnam has 7 agricultural, forestry and fishery products with a trade surplus of over 1 billion USD, of which tra fish reached 1.72 billion USD, up by 10.1%; seafood export value also reached 9.2 billion USD, up by 11.8%.
In particular, shrimp exports still maintained impressive growth momentum, reaching an increase of 22% in November and are forecast to reach 4 billion USD by the end of the year. Other products such as tra fish and tuna also recorded positive growth.
Specifically, pangasius reached 1.84 billion USD in the first 11 months of the year, and is forecast to reach 2 billion USD by the end of 2024. Although tuna growth slowed down, it still increased by 8% compared to November of 2023 and could reach 1 billion USD as the record in 2022.
In addition, some products such as crab, shellfish and octopus also recorded high growth, of which shellfish had an impressive growth rate of up to 180%.
According to the assessment of the Vietnam Association of Seafood Exporters and Producers (VASEP), with the current growth momentum, based on the strong acceleration cycle at the end of the year due to increased demand for holidays and Tet from key markets, the Vietnamese seafood industry in 2024 can complete the target of reaching 10 billion USD in exports, an increase of 11.5% compared to 2023.
Expected acceleration in 2025
With the current growth momentum, along with support from the Government's trade promotion activities, businesses are making efforts to expand the market, Vietnamese seafood industry has grounds to expect stronger growth in 2025.
Recently, the Government has directed research to increase the scale of the preferential credit program for the forestry and fishery sector to about 50,000 - 60,000 billion VND, in order to support businesses in the industry to access capital with preferential interest rates; and approved the National Program for Protection and Development of Aquatic Resources to 2030, aiming to protect and regenerate aquatic resources, ensuring sustainable development of the fisheries sector. In addition, participation in and effective implementation of the Free Trade Agreements that Vietnam has signed will help the Vietnamese fisheries sector expand its market and take advantage of tariff incentives.
In addition to the advantages, according to Mr. Tran Dinh Luan, Director of the Department of Fisheries (Ministry of Agriculture and Rural Development), although aquaculture and fishing output has increased in recent times, costs and prices of input materials have also increased, leading to certain challenges for raw materials for export. For example, raw shrimp prices tend to increase by 10-20% compared to the same period. In addition, diseases are seriously affecting aquaculture productivity.
Therefore, the Department of Fisheries will continue to vigorously and synchronously implement solutions according to Directive No. 32 of the Secretariat on strengthening the Party's leadership in combating illegal fishing, and the Government's direction to soon remove the "yellow card" warning of the European Commission (EC). In addition, businesses need to proactively innovate in production and business, grasp trends and consumer needs, build appropriate, progressive development strategies and aim for sustainable development to create advantages and competitiveness for Vietnamese seafood. In particular, according to many experts, the re-election of President Donald Trump and the specific trade policies of the United States under Trump may create both opportunities and challenges for Vietnamese seafood exports in the coming time. The United States may reduce imports of seafood products from China and seek alternative sources of supply, including Vietnam. Currently, shrimp and pangasius are the main seafood products that Vietnam exports to the United States. Therefore, the US's increase in tariffs on Chinese seafood could open up great opportunities for Vietnamese shrimp and pangasius to replace Chinese seafood products.
CK
Source: VITIC/ haiquanonline.com.vn