Seafood exports are estimated to reach US$10 billion in 2024.
Seafood export turnover in 2024 is estimated to reach 10 billion USD, an increase of 13% compared to the same period last year. This figure is 1 billion USD lower than the record level set in 2022.
According to the Vietnam Association of Seafood Processing and Export (VASEP), seafood export turnover in 2024 is expected to reach US$10 billion, an increase of 13% compared to 2023. Of this, shrimp and pangasius continue to be the two main products, contributing significantly to the industry's growth.
Shrimp: A large market presents opportunities.
Shrimp exports are projected to reach nearly $4 billion, a 16.7% increase compared to the previous year. Major markets such as the US and EU are experiencing steady growth in demand for Vietnamese shrimp. Notably, China, with its consumer-boosting policies, has become the largest shrimp importer, surpassing the US.
Export prices for shrimp, especially whiteleg shrimp, are rising, improving profit margins for businesses. In addition, the strong growth of value-added processed shrimp products such as frozen and ready-to-eat shrimp is a positive sign for the industry.
Demand for pangasius fish is increasing in the US.
Pangasius export turnover in 2024 is expected to reach US$2 billion, a 9% increase compared to 2023. Notably, the US market presents a positive signal, with many Vietnamese pangasius exporting businesses benefiting from a zero anti-dumping duty rate per kilogram, according to preliminary results from the POR20 review. This is a significant improvement compared to the duty rate of US$0 to US$0.18 per kilogram in the previous review (POR19).
Challenges and new directions
Despite positive results, pangasius production and export still face significant challenges from strong competition from other whitefish species in the international market. This requires Vietnamese businesses to proactively seek more diverse and innovative approaches to maintain and expand market share.
Overall, with the support of favorable policies and the efforts of businesses, Vietnam's fisheries sector is gradually asserting its position in the international market and aiming for sustainable development in 2024.