In May 2024, tuna exports soared by 36% to over US$95 million, driven by robust demand for canned tuna, which jumped by 18%, and pouched tuna, which skyrocketed over 3.5 times higher. Frozen tuna loin/phlle exports also surged by 25%, while frozen whole tuna exports soared by over seven times compared to May 2023. Cumulative tuna exports for the first five months of 2024 reached nearly US$397 million, up 25% from the same period in 2023.
Crab and swimming crab exports also witnessed impressive growth, climbing by nearly 92% to over USD 26 million in May. This surge was primarily fueled by a more than twofold increase in crab exports. The two largest markets for Vietnamese crab (China and Japan) both increase imports. China emerges as the top destination for Vietnamese live crab, with imports soaring by 11 times compared to May 2023. Meanwhile, Japan primarily imports processed snow crab finished products, including snow crab meat, shelled snow crab, snow crab claws, and a small portion of processed freshwater crab.
Pangasius exports rose by 10%, while exports of cephalopod, and other fish species all experience modest growth of 3% in May. Cumulative pangasius exports for the first five months of the year reached nearly US$755 million, up slightly by 3% from the same period in 2023. On the other hand, marine finfish exports declined by 3% to US$742 million, while cephalopod exports reached US$236 million, down nearly 2% compared to May 2023.
Despite a slight dip in May, shrimp exports maintain a positive growth trajectory for the year, increasing by 7% to USD 1.3 billion for the first five months.
While some markets have yet to experience a full rebound, major export destinations are showing signs of gradual recovery in both demand and import prices. Seafood exports to the US, Japan, the EU, and South Korea all record positive growth in May, ranging from 5% to 26%. Notably, exports to China falls by 8% compared to the same period. By the end of May, the US remains the top destination, with seafood imports from Vietnam reaching US$635 million, representing a 13% growth. Exports to Japan, China, South Korea, and the EU saw more modest increases of 3-4% compared to May 2023.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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