The Vietnam Association of Seafood Exporters and Producers (VASEP) reports a positive trend in Vietnam’s seafood exports during the first quarter of 2024, following a decline in the latter half of 2023. Exports increased by 6.5% compared to the same period last year, totaling nearly USD 2 billion.

Export Performance Overview

January saw a notable surge in exports, driven by demand before the Lunar New Year, although growth moderated in February and March. The United States and China remain key markets for Vietnamese seafood, with both countries recording positive growth in imports from Vietnam during this period.

Shrimp, crab, and tuna exports experienced strong sales growth in Q1, signaling positive prospects for the year ahead. Conversely, pangasius exports saw a slight decline. Other products like squid, octopus, mollusks, fish cakes, surimi, and certain marine fish species faced challenges and did not perform as well in the first quarter.

External Factors Impacting Exports

Ongoing challenges such as inflation, inventory issues affecting consumption patterns, and market-specific barriers continue to influence Vietnam’s seafood trade. Factors like IUU yellow cards for exploited seafood and anti-subsidy taxes on warm water shrimp exported to the US add complexity to the export landscape. Additionally, rising shipping costs due to tensions in the Red Sea further impact the industry.