Vietnam’s aquatic product exports witnessed a remarkable surge of 60.8% year-on-year in January, reaching a substantial value of USD 730 million. This surge, as reported by the Ministry of Industry and Trade’s Agency of Foreign Trade, sets a positive tone for the industry in the upcoming year.

Signs of Recovery and Prospects for 2024

Following a period of downturn, aquatic product shipments have been displaying signs of recovery since the latter part of 2023. The outlook for 2024 appears promising, particularly in the second half of the year. Key aquatic products such as shrimp and basa fish are anticipated to regain momentum after experiencing setbacks the previous year.

The Vietnam Association of Seafood Exporters and Producers (VASEP) forecasts a growth rate of 10-15% in shrimp exports compared to 2023. This growth is expected to coincide with a rise in prices during the latter part of the year, attributed to a cooling down of inflation pressures and the depletion of importers’ inventories.

Basa Fish Sector’s Ambitious Targets

In parallel, the basa fish sector aims to achieve significant milestones, targeting USD 2 billion in revenue from exporting 1.7 million tonnes of fish abroad.

Despite the optimistic outlook, escalating tensions in the Red Sea region have led to an increase in sea freight costs. This escalation in costs has the potential to impact product prices, which may influence consumers’ purchasing decisions.

Addressing Trade Challenges

VASEP Deputy General Secretary Nguyen Hoai Nam emphasized the importance of staying informed about the evolving situation in the Red Sea region. He highlighted the need for rational business and production planning, alongside seeking support from shipping companies, crucial players in global trade activities.

Vietnamese shrimp exports to the United States face challenges in the first half of the year. The American Shrimp Processors Association (ASPA) initiated trade petitions in October 2023, seeking anti-subsidy duties on imported frozen shrimp from Vietnam, Ecuador, India, and Indonesia.

Navigating Trade Dynamics

To address these challenges, VASEP recommends Vietnamese exporters to familiarize themselves with the US’s anti-subsidy procedures. Close monitoring of the situation and collaboration with VASEP and the Trade Remedies Authority of Vietnam are advised to navigate through the complexities of international trade dynamics.

Earlier expectations set by the Ministry of Agriculture and Rural Development aimed for an aquatic product export value of USD 10 billion in 2024. However, global headwinds have prompted a revision of the target to USD 9.5 billion, reflecting the need for adaptability in response to changing market conditions.