Recent data from VASEP reveals a significant downturn in Vietnam’s seafood exports to China and Hong Kong markets, plummeting by over 22% due to inflationary pressures and heightened supply competition. This decline has been consistent since February, marking a pivotal shift in market dynamics for Vietnamese seafood exporters.

Overall Seafood Export Performance

In April 2024, Vietnam’s seafood export industry recorded a total export value of USD 770 million, marking a 3.8% increase from the previous year. Despite this growth, exports to key markets like the European Union and the United States remained stagnant or experienced slight declines during this period.

Shrimp exports, one of Vietnam’s key seafood products, retained stability in April 2024 compared to the same period in 2023. Cumulatively, the first four months of 2024 saw shrimp exports totaling USD 971 million, a 6% increase from the previous year. This growth is attributed to decreased import inventories prompting a resurgence in demand, although consumer demand has yet to fully recover.

Pangasius Exports Show Promise

Pangasius exports witnessed a noteworthy turnaround in April, surging by 13% to reach USD 168 million. This positive trend followed a period of decline in February and March, with accumulated exports for the first four months of the year totaling USD 579 million.

The US market presents a more optimistic outlook for Vietnamese seafood exporters, particularly with the increasing demand for processed and value-added pangasius products. Tuna exports also saw a substantial rise in April, increasing by 28% to over USD 86 million, with a total export value of USD 301 million for the first four months of 2024.

Outlook for the Seafood Export Market

Despite current challenges related to inflation and market inventory, VASEP anticipates a gradual improvement in market conditions in the latter half of the year. This improvement is contingent upon alleviating bottlenecks in seafood raw material supply, particularly for shrimp and pangasius exports, which are poised for growth once market conditions stabilize.