Vietnam’s seafood export industry has demonstrated resilience and growth in the first five months of 2024, as reported by the Vietnam Association of Seafood Exporters and Producers (VASEP). The sector achieved nearly USD 3.6 billion in exports during this period, marking a 6% increase compared to the same timeframe in 2023.

Shrimp Sector Performance

While various seafood categories saw positive growth, shrimp exports showed modest gains. VASEP projects that shrimp exports will contribute significantly to the industry’s target of achieving a total export turnover of USD 10 billion by year-end. Specifically, the aim is for shrimp products to reach USD 4 billion, emphasizing the sector’s importance in Vietnam’s export portfolio.

One notable shift in market dynamics is China’s emergence as Vietnam’s top shrimp import destination, overtaking the United States. Accounting for 20% of Vietnam’s shrimp market, China has significantly increased its imports of blue lobster and whiteleg shrimp, indicating robust demand in these segments.

Positive Export Trends in Key Markets

Shrimp exports to several markets have shown promising growth trajectories. Canada registered a notable increase of 51%, while the UK and Russia also saw rises of 15% and an impressive 332%, respectively.

Looking ahead, Ms. Nguyen Thi Thu Sac, Chairwoman of VASEP, forecasts that seafood exports for the first half of 2024 will reach USD 4.4 billion, a 6% increase compared to the previous year. Challenges such as warehouse and transportation constraints are expected to ease, potentially boosting demand and prices in the third quarter, traditionally a peak period due to increased consumption during the Tet holiday season.