Vietnam's seafood export sector has seen a remarkable upsurge, boasting a 64% year-on-year increase in January, reaching nearly US$750 million. Significant growth has been witnessed in key markets such as China, the U.S., and the EU, with exports to China notably tripling, solidifying its position as Vietnam's second-largest seafood market after Japan. Japan itself has recorded a 43% surge in seafood imports from Vietnam, while the U.S. and the EU have experienced increases of 63% and 34%, respectively.
However, despite this positive growth trend, challenges persist for seafood exporters, particularly shrimp companies. They continue to face hurdles such as weak global demand, resulting in low prices and high inventory levels. Moreover, stiff competition from Indian and Ecuadorian rivals adds to their woes. Additionally, shrimp output has been affected by diseases, further complicating the recovery process for exporters.
Nevertheless, there have been modest price increases for pangasius, rising by 11% to VND29,000 per kilogram in January. Looking ahead, exporters are optimistic, projecting a 10% increase in seafood exports, targeting a total of $2 billion for the year. However, geopolitical tensions in certain regions, including the Red Sea, have led to soaring shipping costs, posing additional challenges for the industry.
Despite these obstacles, the Vietnam Association of Seafood Exporters and Producers (VASEP) expects a marginal increase in seafood exports to $9.5 billion for the year, underscoring the resilience and adaptability of Vietnam's seafood export sector amidst evolving global dynamics.
