HCMC – Vietnam’s aquatic product exports are expected to exceed US$9 billion for the year, but recovery has been sluggish in the first eight months, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Data from VASEP showed that in August, the export of aquatic products yielded an estimated US$846 million, a 15% decline versus the same period last year. However, this represents the smallest negative growth in aquatic product exports in the past six months, with last month showing a significant increase in aquatic exports compared to previous months.
In the first eight months, export value dropped by nearly 25% to US$5.8 billion compared to last year.
Despite signs of recovery, exporters of aquatic products still face uncertainties in the coming months, according to VASEP.
Specifically, aquatic product exports began to rebound in May this year, reaching US$808 million in value. However, the recovery stalled in the following two months.
In 2023, though facing challenges in major export markets like the U.S. and China, Vietnam’s pangasius fish exports to niche markets such as Germany, New Zealand, Sweden and Finland have shown sustainable growth, ranging from 17% to 25%.
Meanwhile, shrimp exports from January to August this year generated nearly US$2.2 billion, a 28% decrease from last year. Over the past three months, the country reported increased shrimp exports compared to early this year. The U.S. market witnessed consistent growth in the past three months, while there were signs of recovery in shrimp exports to Japan and South Korea since March.
In comparison, seafood exports experienced a smaller decrease, at 15% over the same period last year, and export volumes have been steady in recent months.
Vietnam’s largest seafood buyers include Japan, accounting for 28.5% of the total, followed by the U.S. with 15%, South Korea with 11%, and the European Union market with 9%.