Shrimps on sale at a supermarket in Ho Chi Minh City. Photo by VnExpress/Thi Ha
Exports of aquatic products rose 9% year-on-year to US$6.3 billion in the first eight months of 2024, driven by key products like shrimp, pangasius and tuna.
Vietnam shipped $2.4 billion worth of shrimp during this period, up 10% from a year ago, while pangasius exports amounted to nearly $1.3 billion, a 9% year-on-year increase.
Some $652 million worth of tuna was exported, up 21% from the same period last year.
These figures marked a recovery for the aquaculture industry, which has been struggling since the Covid-19 pandemic. Last year, aquatic product exports fell 18% to $9 billion.
The surge in exports has been driven by stronger demand in major markets, including the U.S., China, and the EU.
Shrimp exports to the U.S. soared by 21% in August from a year earlier as the economy recovers and retailers there sought to replenish stock for the holiday season at the end of the year.
Vietnam shipped 21% more shrimp to China, one of its largest seafood export markets, compared to the same period last year, partly due to quality issues faced by its main competitor, Ecuador.
Pangasius exports to the U.S. jumped by 40% year-on-year to $35 million in August, fueled by rising demand and a procurement program by the U.S. Department of Agriculture, which has created more opportunities for white fish.
An anti-dumping review by the U.S. Department of Commerce has concluded that Vietnamese exporters were found not to be in violation and will be exempted from anti-dumping duties.
Nonetheless, the aquaculture industry faces several challenges, including 10-20% year-on-year increases in raw shrimp prices and diseases like EHP in shrimp.
The Vietnam Association of Seafood Exporters and Producers said aquatic product exports might be able to achieve the target of $10 billion this year if businesses maintain product quality, improve competitiveness, and capitalize on international trade and bidding programs.
