Vietnam’s seafood exports see good growth

The worldwide robust demand for seafood resulted in Vietnam’s good revenue from seafood exports.

Vietnam’s seafood exports see good growth

According to the Association of Seafood Exporters and Producers, seafood exports have seen good growth from the first month of 2024, reaching nearly US$750 million, up 64 percent over the same period. In particular, the two main seafood products such as shrimp and increased by 71 percent and 97 percent respectively. The Chinese market including Hong Kong increased more than 3 times, Japan increased by 43 percent.

Reports of cities and provinces’ socio-economic data in the Mekong Delta show that seafood export turnover in the first months of 2024 has seen many improvements after a gloomy year. Director Nguyen Van Be Sau of the Department of Industry and Trade of Ben Tre Province said that in the first 2 months of 2024, the province's processed seafood exports reached over $22 million, an increase of over 30 percent over the same period.

Similarly, Ca Mau Province exported seafood (mainly shrimp) reaching $151 million, an increase of 18 percent over the same period while Bac Lieu Province's seafood exports reached $130 million, up 5 percent over the same period.

Director Huynh Ngoc Nha of the Department of Agriculture and Rural Development of Soc Trang Province informed that shrimp exports are recovering quickly in the first months of 2024. To ensure the source of raw shrimp for export enterprises in the area, in 2024, Soc Trang will expand the brackish water shrimp farming area to 50,820 hectares, an increase of 5 percent compared to 2023; therefore, the province’s shrimp farming output is expected to reach 212,000 tons.

In addition, the province is promoting the high-tech shrimp farming model with strict management of seed and feed sources to improve quality, increase production value, and increase profits for farmers as well as processing and exporting enterprises.

In 2024, the province aims to maintain and sustainably develop the shrimp industry, with an export value of $1 billion. General Director Tran Van Trung of Anh Khoa Company in Ca Mau City of Ca Mau Province said that from the beginning of 2024 until now, the company's shrimp exports mainly black tiger shrimp of the company into the Chinese market are very positive with many contracts being signed bringing goof profits for the company.

However, the company is facing difficulties in raw materials for export. People who raise black tiger shrimp with extensive and improved farming have a poor harvest this year. Even though the company raised the purchase price, the output was not much. The source of black tiger shrimp raw materials is not enough to serve export to the Chinese market, said Director Trung.

According to seafood exporters, among traditional markets, Japan recovered earlier than the US and European Union markets. Japanese consumers are familiar with high-end seafood products with high added value such as breaded shrimp, sushi shrimp, and spiced skewers. This makes it easier for domestic businesses to compete with cheap shrimp products from Ecuador and India.

According to Chairman of the Vietnam Pangasius Association Duong Nghia Quoc, in the first months of 2024, pangasius exports have prospered, especially frozen products. Mr. Quoc said that businesses need to promote the export of value-added products to increase value and diversify markets because currently, not only Vietnam but China, Bangladesh, and Indonesia also produce pangasius. Therefore, to improve competitiveness, Vietnamese export enterprises must further improve product quality, Mr. Quoc noted.

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