In a recent report released by the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s seafood exports to Australia have surged, with shrimp leading the charge as the primary commodity. This surge reflects a significant boost in Vietnam’s seafood export turnover to Australia, indicating a flourishing trade relationship between the two nations.

Shrimp Dominates Vietnam’s Seafood Export

Shrimp, alongside pangasius and various marine fish species, constitutes the cornerstone of Vietnam’s exports to the Australian market. Notably, shrimp alone contributes to over 60% of Vietnam’s seafood export turnover to Australia. The figures reveal a substantial growth trajectory, with shrimp exports reaching USD 34 million in the initial two months of 2024, marking a notable 20% increase compared to the same period in 2023.

Australia emerges as a pivotal market for Vietnamese seafood exporters, with over 65% of the country’s seafood consumption reliant on imports. Vietnam stands out as the leading seafood supplier to Australia, accounting for more than 22% of the nation’s total seafood import turnover.

CPTPP Agreement Boosts Trade Prospects

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has opened new avenues for Vietnamese seafood businesses, facilitating smoother trade relations with Australia. VASEP emphasizes the strategic importance of the CPTPP in enhancing bilateral trade activities, particularly in the seafood sector. The cooperative relationship between the two nations, coupled with proactive governmental support, further bolsters prospects for sustained growth in seafood trade.

Despite global economic challenges, Vietnam’s seafood exports to Australia have showcased resilience and consistent growth. Post-CPTPP implementation, Vietnam’s seafood exports to Australia witnessed a steady rise from USD 197 million in 2018 to USD 365 million in 2022. Although there was a slight decline in 2023, with export turnover amounting to USD 312 million, the overall trend indicates a positive trajectory in Vietnam’s seafood trade with Australia.