Vietnam’s seafood industry continues to make waves in international trade, with exports reaching $924 million in November—a remarkable 17% increase year-on-year. With total earnings over the first 11 months of 2024 nearing $9.2 billion, the sector is on course to achieve its ambitious $10 billion export target by year-end, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

 

Shrimp exports remain the star performer, projected to exceed $4 billion this year. Other key products, including tra fish and tuna, have also demonstrated strong growth, with mollusk exports surging by an impressive 180%. This momentum underscores Vietnam’s role as a vital contributor to the global seafood supply chain.

 

Diversification within the industry is also advancing trade opportunities. By-products such as fish meal are gaining prominence, with $220.4 million earned in the first 10 months of the year and full-year projections set at $264 million. China, the leading importer of Vietnam’s fish meal, accounts for nearly 90% of exports in this category, further cementing its position as a key trade partner.

 

China, including Hong Kong, has emerged as Vietnam’s largest seafood importer, with a 61% growth in November alone. Total imports from China exceeded $1.7 billion for the first 11 months of 2024, up 19% compared to the previous year. Meanwhile, the U.S. market has shown robust demand, spending $1.67 billion during the same period, marking a 21% increase in November.

 

“Vietnam’s seafood sector exemplifies resilience and adaptability, driving significant contributions to international trade,” said Lê Hằng, Communications Director at VASEP. She highlighted the industry’s ability to navigate global challenges while maintaining strong export growth.

 

As the year closes, Vietnam’s seafood industry is not just meeting targets but setting benchmarks for global trade performance. With a focus on quality, sustainability, and innovation, the sector is poised to expand its impact in 2025 and beyond.

 

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