Vietnam's seafood exports have returned to their normal trajectory

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood exports in the third quarter were estimated at 2.76 billion USD, an increase of nearly 13% compared to the same period last year. During this quarter, many key products saw strong export growth, such as pangasius up 13.5%, shrimp up 17.5%, crab up 56% and shellfish up 95%.

Thus, seafood exports have grown compared to the same period in all three quarters, with each subsequent quarter achieving higher export values than the previous one. Specifically, in the first quarter, seafood exports reached nearly 2 billion USD, up 7% compared to the first quarter of 2023. In the second quarter, seafood exports surpassed 2.4 billion USD, increasing 5% compared to the second quarter of 2023. 

Notably, exports tend to rise higher in the second half of the year. This indicates that seafood exports have returned to their previous normal trajectory, where exports grow at a moderate rate in the first half of the year, accelerate in the second half, and peak in the third quarter due to a strong increase in demand to meet year-end holiday needs.

In 2022, Vietnam's seafood exports reached a record of 11 billion USD, but the exports that year did not follow the usual pattern. Strong growth was recorded in the first nine months, but by October, the growth rate was almost negligible (up only 2% compared to October 2021), and in November and December, there was a sharp decline. As a result, despite achieving a record export value in 2022, seafood enterprises faced significant concerns in the last months of the year as they prepared to enter 2023.

In reality, the downturn that started at the end of 2022 persisted until October 2023, causing export values over the past year to drop sharply compared to the peak of 2022. This shows that seafood exports in recent years have not followed the usual patterns due to the impacts of COVID-19, armed conflicts and inflation. It wasn't until this year, with markets stabilizing, that seafood exports returned to their normal trajectory, similar to the pre-COVID-19 period.

Most major seafood products experienced growth in the first nine months of this year. Notably, shrimp exports reached nearly 2.8 billion USD, up 10.5% compared to the same period in 2023; pangasius reached 1.46 billion USD, up 8%; tuna reached 715 million USD, up 16%; crab reached 227 million USD, up 66%; and shellfish reached 145 million USD, up 47%.

Most of Vietnam's major seafood markets are also experiencing growth this year. According to the Import and Export Department (Ministry of Industry and Trade), in the first eight months of 2024, seafood exports to markets such as the United States, China, Japan, South Korea, Australia, the United Kingdom and Canada have all grown compared to the same period in 2023. Notably, exports to the United States reached 1.2 billion USD, up 14%; China reached 1 billion USD, up 16%; Japan 978 million USD, up 0.4%; South Korea 510 million USD, up 3%; Australia 215 million USD, up 9%; the United Kingdom 208 million USD, up 5%; and Canada 175 million USD, up 32%.

The Import and Export Department believes that, with the trend of consumer recovery in major markets, Vietnam's seafood exports are expected to continue growing in the last months of 2024.

In September alone, seafood exports were estimated at 866 million USD, up 6.4% compared to September 2023. With this growth, Mrs. Le Hang, VASEP's Communications Director, noted that seafood exports are continuing to show positive signs. She predicted that Vietnam's seafood exports for the entire year of 2024 would achieve better results than in 2023, with an expected value of 9.5 billion USD, an increase of 7%. Of this, shrimp exports are forecast to reach nearly 4 billion USD, pangasius around 2 billion USD, tuna approximately 1 billion USD, and squid and octopus about 640 million USD, with the remainder coming from other marine fish and seafood products.