However, looking at the monthly export sales, it seems that this market is showing signs of improvement. Vietnam's seafood exports to the US in May reached 151 million USD, the highest level since the beginning of 2023. Although still experiencing a negative growth of 39% compared to the same period last year, this is also the smallest decrease compared to previous months. Both shrimp and pangasius exports had a breakthrough compared to previous months: shrimp reached 68 million USD, and pangasius reached 33 million USD
According to the US Department of Agriculture, by the end of April 2023, the US had imported 924 thousand tons of seafood, valued at over US$8 billion, down 12% in volume and 20% in value over the same period last year. Among the leading exporting countries to this market, Vietnam experienced the most significant decline.
Particularly for shrimp, the US also decreased by 12% in import volume and 29% in value. In which, India alone holds the dominant market share of 35%, Ecuador accounts for 22% while Vietnam only accounts for 7%.
Pangasius fillets from Vietnam experienced the sharpest decline among frozen fish products imported into the US, while cod imports increased significantly by 37% in volume and 64% in value
Besides high inflation, a large inventory contributed to the decline in seafood exports from Vietnam to the US. US importers significantly increased purchases in the first half of 2022 due to stock sentiment and market forecast shortfalls from the previous year. However, high inflation weakened consumption demand, resulting in a high inventory. As a result, US importers require time to sell the existing inventory at lower prices, leading to increased competition and depressed prices for newly imported goods. This sharp drop in export turnover is also attributed to Vietnam.
As the inventory continues to decrease, it is expected that importers will start ordering from Vietnam again during the busy season at the end of the year.
Compiled by Thuy Linh
(seafood.vasep.com.vn) The outlook for Vietnam’s seafood exports remains positive, with a strong focus on maintaining growth in key markets like China and the U.S., while diversifying into new regions. As global trade policies continue to evolve, adaptability and strategic planning will be key to navigating the challenges ahead.
(seafood.vasep.com.vn) Thanks to improved pangasius prices and higher production, Vĩnh Hoàn's after-tax profit in Q4 2024 reached VND 440 billion, a 4.8-fold increase compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam’s Customs, in Q4 2024, Vietnam’s pangasius exports to China & Hong Kong reached USD 163 million, a 17% increase compared to the same period in 2023, with consistent growth across all months. The total value of pangasius exports to China & Hong Kong for 2024 reached USD 581 million, a 1% increase over the previous year.
Vietnam’s seafood exports are projected to maintain strong growth this year, potentially reaching 11 billion USD.
(seafood.vasep.com.vn) In the final quarter of 2024, Vietnam’s surimi and fish cake exports showed consistent growth over the last three months. For the entire year 2024, exports of these products reached USD 298 million, down 2% compared to 2023. However, the final quarter saw more promising signs for the surimi and fish cake export sector, with some markets experiencing notable growth, such as Thailand, China, and Taiwan. Particularly, exports to Taiwan, which had seen continuous declines in the previous two quarters, surged by 301% in this quarter.
(seafood.vasep.com.vn) Another year of pride for Vietnam's pangasius exports has concluded, reaching over USD 2 billion and contributing 20% to Vietnam's total seafood export turnover.
Vietnam maintained its position as the fifth-largest seafood exporter to Singapore for 12 consecutive months, surpassing Japan for the first time in 2024, amid the intensifying competition in this market.
(seafood.vasep.com.vn) Despite facing numerous challenges in the second half of the year, Vietnam's canned tuna exports concluded 2024 with a 17% increase compared to 2023, reaching USD 299 million. To maintain this growth momentum in 2025, the canned tuna production and export sector requires coordinated efforts from all stakeholders.
SSI forecasts a 28% year-on-year increase in after-tax profit attributable to the parent company of Vinh Hoan Corporation (VHC), driven by a gradual improvement in average selling prices from USD 3.15/kg in 2024 to USD 3.30/kg (+5%) in 2025. An Giang Fisheries Import-Export Joint Stock Company (ANV)'s after-tax profit attributable to the parent company is projected to rebound by 104%.
In 2025, the Mekong Delta province of Bac Lieu aims to earn 1.2 billion USD from exporting shrimp, one of the key export products that accounts for over 95% of its total export value.
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