According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood export turnover reached USD 11 million for the month, an increase of 11% compared to the same period last year. For the first 11 months of the year, total export turnover climbed to nearly USD 9.2 billion, reflecting a robust 11.5% year-on-year growth.

Shrimp: The Star Performer

Shrimp exports spearheaded the industry’s growth, achieving USD 3.55 billion in revenue during the January-November period—a 14% rise compared to the prior year. Industry projections indicate that shrimp exports will likely surpass the USD 4 billion mark for the full year, cementing their status as a cornerstone of Vietnam’s seafood exports.

China emerged as a pivotal market for Vietnam’s seafood, with exports to the country growing by 61% in November. Accumulated turnover from the Chinese market exceeded USD 11 billion, up 1.7% from last year. Chinese consumers have shown a strong preference for fresh seafood, particularly live shrimp, crabs, and clams, which has been a driving force behind the surge in shrimp exports.

Secondary Growth Pillars

While shrimp led the charge, other seafood products also posted commendable growth. Pangasius exports reached USD 1.84 billion over the first 11 months and are forecasted to hit USD 2 billion by year-end. Similarly, tuna exports, though growing at a slower pace, still rose by 8% year-on-year and are on track to match the USD 1 billion record set in 2022.

Beyond the headline products, crabs, shellfish, and squid experienced notable growth, with shellfish exports registering an impressive 180% increase. Even by-products such as fishmeal contributed significantly, with exports estimated to reach USD 264 million for the year, nearly 90% of which were destined for China.

Steady Demand from Global Markets

The US market also showed strong demand, with exports rising 21% in November to reach USD 1.67 billion over 11 months. While the Japanese, EU, and Korean markets did not experience dramatic growth, they remained crucial contributors to the overall success of Vietnam’s seafood industry.

VASEP’s communications director, Le Hang, expressed optimism about the industry’s trajectory. With current growth rates, Vietnam’s seafood exports are expected to hit USD 10 billion this year, a notable 11.5% increase from 2023. Shrimp and pangasius remain the primary pillars of this success, with shrimp projected to reach USD 4 billion and pangasius USD 2 billion.