Vietnam’s seafood industry has witnessed a steady resurgence, especially in shrimp exports, throughout the first eight months of the year. The Vietnam Association of Seafood Exporters and Producers (VASEP) reports that seafood export value reached USD 6.3 billion, marking a near 9% growth over the same period last year. August alone saw a remarkable 20% surge in seafood export value, reaching nearly USD 953 million.

While some sectors, such as squid and octopus, suffered setbacks—export turnover for these species dropped by 15% in August—the majority of Vietnam’s key seafood products displayed robust growth. Shrimp exports rose significantly by 30%, underscoring the prominence of this staple in Vietnam’s seafood trade.

Shrimp Leads the Charge

Shrimp, a critical player in Vietnam’s seafood exports, has stood out in this recovery narrative. From January to August, shrimp exports raked in USD 2.4 billion, a 9% rise compared to last year. Whiteleg shrimp contributed the lion’s share, with exports valued at USD 1.75 billion, while black tiger shrimp brought in USD 290 million. These figures point to shrimp as the driving force behind Vietnam’s seafood industry’s revival.

Notably, lobster exports skyrocketed, maintaining growth momentum throughout August. Over the first eight months, lobster export turnover was 140% higher than in 2023, offering hope for Vietnam’s marine sector amidst challenges.

Challenges and Market Dynamics

Despite the promising growth trajectory, Vietnam’s shrimp industry faces significant hurdles. Anti-subsidy and anti-dumping taxes are imposing pressures on exporters, particularly in key markets like the US and Europe. While shrimp consumption has begun to increase in these regions—a positive sign for Vietnam—the export price to China remains low, tempering optimism.

Pangasius exports, which reached USD 1.3 billion in the first eight months, also provide a mixed picture. Exports to China stagnated, yet the recovery in the US market boosted pangasius sales by 23% over last year, offsetting losses elsewhere.

Future Outlook for Shrimp

The outlook for Vietnam’s shrimp exports remains cautiously optimistic. While growth is stable, the ongoing challenges from trade barriers pose risks. The seafood industry, shrimp in particular, will be pivotal to Vietnam’s overall seafood export target of USD 9.4-9.5 billion for the year—a 6% rise over 2023. However, headwinds such as the IUU yellow card, anti-dumping taxes, and a shortage of raw materials for other seafood products could slow the industry’s full recovery.