Vietnam's fishery exports reach $7.16 bln in 9 months

Vietnam's fishery exports reached $7.16 billion in the first nine months of 2024, a year-on-year increase of 8.5 per cent, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

After years of disruptions due to COVID-19, conflicts, and inflation, global markets are stabilizing, allowing Vietnam's fishery exports to regain momentum, particularly in the second half of the year.

In the third quarter alone, fishery exports reached $2.76 billion, a nearly 13 per cent increase compared to the same period last year. Key products saw significant growth, with pangasius (tra fish) shipments up 13.5 per cent, shrimp 17.5 per cent, crab 56 per cent, and shelled mollusks 95 per cent.

Shrimp remains the top foreign currency earner, approximating $2.8 billion in the first nine months, a 10.5 per cent increase year-on-year. While frozen shrimp exports face competition from Ecuador and India, processed shrimp maintains a strong market position. Overseas shipments of processed whiteleg shrimp grew by nearly 10 per cent, while frozen whiteleg shrimp rose 4.5 per cent.  

Tra fish brought home $1.46 billion from January to September, an 8 per cent year-on-year rise, with processed products surging 42 per cent.

Tuna exports, while strong earlier in the year, have slowed since August due to raw material shortages, but still increased 16 per cent to reach $715 million in the nine months.

Crab exports have seen exceptional growth, by 56 per cent in the third quarter and 66 per cent over nine months, primarily driven by demand from China.

VASEP forecasts that the total export value of fishery products for 2024 will hit $9.5 billion, a 7 per cent increase from 2023. Shrimp exports are expected to reach nearly $4 billion, tra fish $2 billion, tuna close to $1 billion, and squid and octopus about $640 million.