Seafood exports in 2024 are estimated to reach 10 billion USD.
Seafood export turnover in 2024 is estimated to reach 10 billion USD, up 13% over the same period last year. This figure is 1 billion USD lower than the record set in 2022.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood export turnover in 2024 is expected to reach 10 billion USD, an increase of 13% compared to 2023. In particular, shrimp and pangasius continue to be two key products, contributing greatly to the growth of the industry.
Shrimp: Large market brings opportunities
Shrimp export turnover is expected to reach nearly 4 billion USD, up 16.7% over the previous year. Major markets such as the US and EU are recording steady growth in demand for shrimp imports from Vietnam. In particular, China, with its consumption promotion policies, has become the largest shrimp import market, surpassing the US.
Export prices of shrimp, especially whiteleg shrimp, are increasing, helping to improve profit margins for businesses. In addition, the strong development of value-added processed shrimp products such as frozen shrimp and ready-to-eat shrimp is a positive signal for the industry.
Demand for pangasius fish increases in the US
Pangasius export turnover in 2024 is expected to reach 2 billion USD, up 9% compared to 2023. In particular, the US market brings a positive signal when many Vietnamese pangasius exporting enterprises enjoy an anti-dumping tax rate of 0 USD/kg, according to the preliminary results of the POR20 review. This is a big improvement compared to the tax rate of 0 to 0.18 USD/kg in the previous review (POR19).
Challenges and new directions
Despite positive results, pangasius production and export activities still face major challenges from strong competition from other white-flesh fish species in the international market. This requires Vietnamese enterprises to proactively seek more diverse and creative directions to maintain and expand market share.
In general, with the support of favorable policies and efforts of businesses, the Vietnamese seafood industry is gradually affirming its position in the international market and aiming for sustainable development by 2024.
