Vietnam’s seafood exports reach US$5.8 billion in H1 2026: Growth maintained despite mounting cost, market, and logistics pressures

The industry's growth during the first six months of 2026 reflects more than just recovering global demand. It also demonstrates Vietnamese exporters' ability to diversify markets, adjust product portfolios, and capitalize on geographically closer markets with stable demand and lower logistics costs. According to VASEP, this adaptability has become increasingly important as overseas buyers place smaller, shorter-term orders, demand more competitive pricing, and impose stricter requirements on food safety, certifications, traceability, and delivery schedules.

Shrimp remains the industry's growth engine

Shrimp continued to be Vietnam's largest seafood export category. In June 2026, shrimp exports reached US$445.9 million, up 20.7% year-on-year. During the first six months, shrimp exports totaled US$2.3 billion, an increase of 13.6%, accounting for 40.5% of Vietnam's total seafood export value.

Growth was largely driven by rising demand from China and Hong Kong, particularly for black tiger shrimp, lobster, frozen shrimp, and premium products destined for the foodservice sector.

However, the U.S. market remains a major challenge. Although Vietnam's overall seafood exports to the United States rebounded in June, shrimp exporters continue to face intense competition from Ecuador, India, and Indonesia, whose industries benefit from lower production costs, abundant raw materials, and larger production scales.

Meanwhile, anti-dumping duties, countervailing duties, the Seafood Import Monitoring Program (SIMP), the Marine Mammal Protection Act (MMPA), and increasingly stringent traceability requirements continue to raise compliance costs for Vietnamese exporters.

Pangasius maintains its position as the second-largest export category

Pangasius exports reached US$209.1 million in June, up 7.7%, while first-half exports totaled US$1.1 billion, increasing 12.1% and accounting for 19.4% of total seafood exports.

The steady performance reflects continued global demand for affordable whitefish as consumers in many markets remain price-conscious. Vietnamese pangasius continues to benefit from competitive pricing, reliable supply, flexible processing capabilities, and broad applications across retail, foodservice, industrial catering, and secondary processing.

As supplies of other whitefish species such as cod and pollock remain constrained due to quota adjustments and trade policies, pangasius has gained additional opportunities in several markets.

Nevertheless, the sector still faces rising feed costs, higher raw material prices, increasing logistics expenses, and ongoing U.S. trade reviews. To sustain growth, exporters are encouraged to expand value-added offerings, including portioned products, marinated fillets, consumer-ready packaging, and convenient retail products.

Other fish products continue to diversify Vietnam's export portfolio

Exports of other fish species—primarily marine fish and selected freshwater species—reached US$198.8 million in June, up 19.8%, while six-month exports totaled US$1.1 billion, rising 12.0% and accounting for 19.3% of total seafood exports.

This category highlights the increasing diversification of Vietnam's seafood export basket. However, marine capture fisheries continue to face challenges related to raw material availability, legal catch certification, traceability requirements, the EU's IUU regulations, and MMPA compliance in the United States.

Tuna begins to recover but first-half exports remain below last year

Tuna exports reached US$85.9 million in June, up 28.0%, suggesting signs of recovery. However, cumulative exports during the first half totaled US$452.7 million, down 2.0% year-on-year.

The sector continues to face weak consumer demand, volatile raw material prices, rising canning costs, and increasingly stringent sustainability requirements. In the EU, tighter controls on catch documentation, certification, and electronic traceability systems are expected to continue affecting customs clearance and import planning.

Squid, octopus and shellfish emerge as bright spots

Among Vietnam's fastest-growing seafood categories were squid, octopus, crabs, shellfish, and other mollusks. Squid and octopus exports reached US$380.2 million in the first half, up 18.8%, supported by strong demand from South Korea, Japan, Thailand, and China. Crab and other crustacean exports increased 26.2% to US$206.2 million. Bivalve mollusks recorded particularly strong growth, rising 33.1% to US$155.3 million. Other mollusks, although representing a relatively small segment, surged 84.4% during the first half.

China remains Vietnam's fastest-growing market

China and Hong Kong remained Vietnam's largest seafood market and the industry's strongest growth driver. Exports reached US$256.6 million in June, up 32.2%, while first-half exports climbed to US$1.5 billion, representing a remarkable 37.9% increase and accounting for 25.8% of Vietnam's total seafood exports.

Demand remained particularly strong for shrimp, pangasius, lobster, live seafood, mollusks, and frozen seafood products. 

U.S. rebounds in June, while Japan and the EU remain subdued

Seafood exports to the United States reached US$195.3 million in June, up 48.3% year-on-year. However, cumulative exports during the first half remained virtually unchanged at US$897.9 million, suggesting that June's improvement was largely driven by short-term purchasing rather than a sustained recovery.

Inventory adjustments, cautious consumer spending, price competition, tariff uncertainty, and technical trade measures continue to weigh on the U.S. market.

Exports to Japan totaled US$787.5 million during the first half, rising only 0.7%, while exports to the European Union reached US$536.7 million, down 0.8%. Weak consumer demand, the depreciation of the Japanese yen, the EU's IUU yellow card, and increasingly stringent certification requirements continue to constrain growth.

Meanwhile, exports to the Middle East remained nearly unchanged at US$166.6 million, indicating that the region still holds untapped growth potential.

On a more positive note, exports to South Korea increased 9.0% to US$419.4 million, while ASEAN imports rose 15.8% to US$380.2 million. Exports to other markets collectively reached US$1.1 billion, up 17.1%, highlighting the effectiveness of Vietnam's ongoing market diversification strategy.

Rising container freight rates pose new challenges

Beyond market-related risks, soaring global container freight rates are emerging as another significant concern for seafood exporters during the second half of the year. Seafood products rely heavily on refrigerated container transportation, making exporters particularly vulnerable to increases in ocean freight, reefer surcharges, fuel costs, insurance premiums, port congestion, and vessel capacity shortages.

Major shipping benchmarks, including the Drewry World Container Index and the Shanghai Containerized Freight Index (SCFI), have climbed sharply as U.S. importers accelerate shipments ahead of potential tariff increases. This early peak-season demand has placed additional pressure on freight markets, particularly on routes to the United States and Europe, where refrigerated transport costs are already substantially higher than dry cargo.

Outlook

Vietnam's seafood exports reaching US$5.8 billion in the first half of 2026 provides a solid foundation for achieving double-digit export growth this year.

Looking ahead, sustaining momentum in fast-growing markets such as China, ASEAN, and South Korea, while strengthening compliance in the United States, the European Union, and Japan, will remain critical. At the same time, exporters will need to control production and logistics costs, expand value-added product offerings, and strengthen supply chain resilience.

As international buyers continue to place smaller, more price-sensitive orders while demanding higher compliance standards, exporters' ability to manage costs, logistics, and market risks will be the key determinant of Vietnam's seafood export performance throughout the remainder of 2026.