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Vietnam seafood market update at the end of June 

 Wednesday, July 10,2024

AsemconnectVietnam - According to the Department of Fisheries, total seafood output in the first 6 months of 2024 will reach 4,385 million tons, up 2.7% over the same period in 2023, and total seafood export turnover is 4,355 million tons. billion USD, up 4.9% over the same period in 2023.

Mr. Nhu Van Can, Deputy Director of the Department of Fisheries, said that in the first 6 months of the year, the fishery sector still face a number of difficulties such as the impact of world political, economic, social fluctuations and the Russia-Ukraine conflict, high prices of some goods and investment materials, high logistics costs put pressure on production activities, the EU continues to maintain the "yellow card" warning for Vietnamese seafood...
However, in the first 6 months of the year, total exploitation output is still estimated at 1,953 million tons, up 1% over the same period and reaching 55.2% of the whole year plan including: marine exploitation output reached 1,864 million tons (marine fish reaching 1.45 million tons; marine shrimp reaching 67 thousand tons; other aquatic products reaching 341 thousand tons), domestic exploitation output reached 89 thousand tons.
Seafood exports in first 6 months up 7%
Vietnam’s seafood exports soared to over $4.4 billion in the first six months of 2024, marking a nearly 7% rise from the same period in 2023. Significant highlights include a near 25% increase in tuna exports and a remarkable 40% boost in exports to the EU in June.
The Vietnam Association of Seafood Exporters and Producers (VASEP) reports that in June 2024, the country’s seafood export revenue hit an estimated $875 million, a 14% jump compared to the same month last year. This month also recorded the highest export value since the year’s start.
Most major seafood products showed robust growth in June: pangasius exports climbed 22%, tuna surged 40%, and crab exports skyrocketed 59%. Shrimp exports saw a modest increase of 7%, while squid and octopus were the only items to experience a slight decline compared to last year.
Crab exports skyrocketed by 76%
According to statistics from Vietnam Customs, Vietnam's crab exports have grown continuously since the beginning of 2024. In May 2024 alone, the export value increased by 62% compared to the same period in 2023, reaching 22 million USD. Cumulatively, in the first five months of the year, export turnover reached more than 97 million USD, an increase of 76%.
China and Hong Kong are still Vietnam's largest import markets for crabs and other crustaceans, accounting for 42% of total export turnover. The export value to this market is increasing rapidly, reaching three-digit growths over the same period, but the growth rate is slowing down. In May 2024 alone, exports of crabs to this market increased by 418% over the same period, reaching nearly 11 million USD. Cumulatively, in the first 5 months of the year, exports to this market reached more than 41 million USD, an increase of 502%.
High value added pangasius products are "hot" in the international market
Vietnamese high value added pangasius is increasingly attracting attention in international markets as consumers in these countries increasingly favor it due to the diversity of ways to prepare it into many delicious dishes. rich, mixed with many ingredients.
In May 2024, exports of high value added pangasius products with HS code 16 reached more than 2 million USD, down 3% compared to May 2023. By the end of May 2024, exports of these products reached more than 13 million USD, an increase of 22% over the same period in 2023.
The top 5 destinations for Vietnamese added value pangasius in the first 5 months of this year include Singapore with 3 million USD, accounting for 23% of the proportion; Thailand with 2.6 million USD, accounting for 20% of the proportion; Japan with 1.4 million USD, accounting for 10% of the proportion; Australia with 1.1 million USD, accounting for 9% of the proportion; and the US with 1 million USD, accounting for 8% of the proportion.
Aquaculture productivity skyrocketed in Long An
The first half of 2024 was prosperous for the aquaculture industry of Long An province, with an estimated output of over 69,510 tons, far exceeding the plan and growing strongly compared to the same period last year.
According to statistics, in the first 6 months of the year, the total area of aquaculture in the province was estimated at 5,543 hectares, reaching 62% of the plan and equal to 102% over the same period; cage farming was 2,500 m3, equal to 92.6% over the same period; and 3,997 hectares were harvested with an output of 69,510 tons, reaching 77.2% of the plan and equal to 116% over the same period.
Specifically, the brackish water aquaculture area was estimated to reach 4,089 hectares, reaching 66.7% of the plan and equal to 101% over the same period; harvested 2,827 hectares with an output of 9,465 tons, reaching 59% of the plan and equal to 100% over the same period. The freshwater aquaculture area is estimated to reach 1,445 hectares, reaching 51.6% of the plan and equal to 105.5% over the same period; harvested 1,170 hectares with a total farming output of 60,045 tons, reaching 81.2% of the plan and totalling 119% over the same period.
Seafood exports surge in Bac Lieu
According to the Bac Lieu Provincial People's Committee, the province's total export turnover is estimated to reach over 370 million USD, equivalent to 31.98% of the plan and up 9.6% over the same period; In which, frozen shrimp export is estimated to reach 353.79 million USD, equivalent to 31.31% of the plan, up 6.93% over the same period.
Bac Lieu Province currently has 48 seafood processing factories for export, with a designed processing capacity of nearly 300,000 tons/year. According to the assessment of the Bac Lieu Department of Industry and Trade, in recent times, many seafood export enterprises have implemented flexible solutions to adapt promptly to the changes in the world market consumption situation. Seafood export enterprises focus on products with high added value and export value, penetrating into "demanding" markets such as the US, Japan, EU, China, Korea and many other markets around the world.
Currently, seafood processors and exporters in the province are maintaining good performance in traditional export markets to increase turnover, especially key markets such as Japan, the US, China, and Korea. In the face of difficulties and challenges caused by the global economic downturn, many businesses have promptly adjusted their production and business strategies to improve the efficiency of shrimp export to key markets.
Source: Vitic/Vasep


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