China - Hong Kong has become the largest market for Vietnam's seafood exports

After a solid performance in the third quarter, Vietnam's seafood exports continued to show remarkable growth in October, reaching the 1 billion USD mark in a single month once again.

According to data from the General Department of Customs, Vietnam's seafood exports in October reached 1.022 billion USD, representing a 22% increase compared to the same month in 2023. With this export value, Vietnam's seafood exports have now surpassed 1 billion USD in a month for the first time in over two years. The last time seafood exports hit this milestone was in June 2022, with a total of 1.006 billion USD. The highest monthly seafood export value ever recorded was 1.13 billion USD in April 2022.

Thanks to the robust growth in both the third quarter and particularly in October, the total value of Vietnam's seafood exports for the first ten months of the year has now reached 8.3 billion USD, an 11% increase compared to the same period last year.

Ms. Le Hang, the Communications Director of the Vietnam Association of Seafood Exporters and Producers (VASEP), highlighted that among Vietnam's major seafood export markets, China - Hong Kong has been showing the most impressive growth.

In the third quarter of this year, seafood exports to China - Hong Kong surged by an impressive 35.6% compared to the same period in 2023, reaching a total value of 571 million USD. Furthermore, in October alone, the export value to this market saw an even sharper rise of 37%, reaching 212 million USD.

Thanks to a sustained period of strong growth since the third quarter of the year, China - Hong Kong has become the largest market for Vietnam’s seafood exports by the end of October, with a total export value of 1.533 billion USD. This figure slightly surpasses that of the United States, which is ranked second with 1.53 billion USD in seafood exports from Vietnam.

Among the key products contributing to the remarkable growth of Vietnam’s seafood exports to China-Hong Kong are shrimp, shellfish, and crabs. In particular, shrimp exports have seen a significant boost, with Vietnamese shrimp shipments to China increasing by 29% during the first three quarters of the year. Of the various types of shrimp, white-leg shrimp and lobster have been the standout performers, showing particularly impressive growth rates. 

The significant increase in live crab exports to China in recent months has played a key role in driving the strong growth of Vietnam's overall crab exports, which surged by 59% in the third quarter, reaching a total value of 228 million USD. More broadly, Chinese demand for Vietnamese seafood has been on the rise. In the first three quarters of the year, seafood exports to China grew by 30%, totaling 323 million USD. As a result, China has now become the fourth-largest market for Vietnam’s seafood exports, following Japan, the United States, and South Korea.

One of the key drivers of this growth is the high demand for fresh seafood from China’s restaurant, hotel, and tourism sectors. The demand for fresh seafood, particularly to serve tourists, has been rising rapidly. Vietnam, with its geographic proximity to China, is in an advantageous position to meet this demand for fresh and high-quality seafood in a timely manner.

According to Ms. Le Hang, Communications Director of the Vietnam Association of Seafood Exporters and Producers (VASEP), if the current growth trend of 20% observed in the first 10 months of the year is sustained, China-Hong Kong could very well surpass other key markets to become the largest importer of Vietnamese seafood by the end of 2024.

Although still trailing behind the China-Hong Kong market, seafood exports from Vietnam to the United States have experienced significant growth over the past 10 months, with especially strong performance observed since the third quarter. In Q3, seafood exports to the U.S. reached 551 million USD, a 19.5% increase compared to the same period in 2023. This growth trend continued into October, with exports to the U.S. increasing by 31% compared to October of the previous year.

When looking at the cumulative performance over the first 10 months of 2024, Vietnam's seafood exports to the U.S. have grown by 16% compared to the same period in 2023. According to VASEP, the solid growth in both the China-Hong Kong and U.S. markets has been crucial in helping Vietnam's seafood exports recover and regain momentum after several years of disruptions caused by the COVID-19 pandemic, geopolitical conflicts, and global economic challenges.

Beyond China-Hong Kong and the U.S., several other major export markets have also posted impressive growth in October. For example, Japan saw a 22% increase in seafood imports, the European Union grew by 27%, and South Korea experienced a 13% rise in demand. These gains from key markets have collectively contributed to the positive overall growth in Vietnam's seafood exports for the first 10 months of the year.