In August, Vietnam’s aquatic product exports increased by 20%, totaling nearly $953 million. This surge brought the cumulative total for the first eight months of the year to approximately $6.3 billion, reflecting a 9% year-on-year growth. Key export categories performed strongly, with shrimp exports rising by 30%, followed by tra fish at 18%, tuna at 13%, and other marine fish at 12%.
Le Hang, Communications Director at VASEP, noted that the Vietnam Fisheries International Exhibition (Vietfish) held in August attracted significant interest from international buyers, indicating a favorable outlook for the sector. The anticipated decline in global shrimp production in 2024 is expected to increase shrimp prices, which could benefit domestic exporters.
VASEP is optimistic about continued opportunities for seafood exports through the end of the year. Positive shifts in US orders, favorable conditions for exports to China, and lower freight costs compared to earlier in 2024 are expected to reduce expenses and enhance firms’ ability to focus on year-end orders.
Despite these positive trends, there are challenges to address. The European Union’s yellow card on illegal, unreported, and unregulated (IUU) fishing and anti-subsidy and anti-dumping duties on shrimp present obstacles. Businesses will need to adapt their strategies to overcome these issues and diversify their export markets to mitigate over-reliance on traditional markets.
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