The surge in exports comes amid strong demand for seafood imports in key markets. Notably, exports to China and Hong Kong soared by 37%, reinforcing their status as the largest and fastest-growing markets this month. Other markets also performed well: exports to the U.S. rose by 31%, Japan by 22%, and the EU by 27%, while South Korea saw a more modest increase of 13%.
By the end of October, total seafood exports to China, Hong Kong, and the U.S. reached $1.5 billion. If the current growth trend of 20% over the past ten months continues, China and Hong Kong may surpass the U.S. as the largest import markets for Vietnamese seafood by the end of 2024.
Although the European economy is recovering more slowly than that of the U.S. and China, there are positive signals in seafood consumption and import prices, which bode well for Vietnamese businesses. By the end of October, exports to the EU had risen by 11% compared to last year.
In contrast, exports to Japan and South Korea recorded only modest growth of 1.5% to 2%, affected by prolonged inflation impacting consumer demand. Japan, previously one of Vietnam's top two import markets, fell to third place in 2024 with a turnover of $1.25 billion in the first ten months, while South Korea reached $646 million.
Among seafood products, shrimp and pangasius are showing significant growth potential. By the end of October 2024, shrimp exports had surpassed $3.2 billion, an increase of 13%, while pangasius exports approached $1.7 billion, up 10%. In October alone, shrimp and pangasius exports surged by 26% and 24%, respectively, outperforming tuna and octopus.
A positive development for the Vietnamese shrimp industry occurred on October 22, 2024, when the U.S. Department of Commerce announced preliminary countervailing duties on shrimp imports from Ecuador, India, and Vietnam. The tax rate for Vietnamese shrimp is set at 2.84%, significantly lower than the rates for India (4.36%) and Ecuador (7.55%), providing a competitive advantage in the U.S. market.
Despite the peak import season for shrimp and pangasius, both industries face domestic raw material shortages. Businesses need to adapt by utilizing reserve raw materials and alternative supply sources to maximize market opportunities.
In terms of other seafood products, crabs and shellfish have maintained strong growth since the beginning of the year. In October, crab and crustacean exports rose by 58%, while shellfish exports increased by 138%. Over the first ten months of the year, these two categories generated revenues of $267 million and $173 million, respectively, up 66% and 58% from 2023. With a decrease in U.S. seafood imports, particularly high-end products, China has increased its imports from Vietnam, creating new opportunities for these categories.
Although exports of tuna and squid/octopus saw positive growth in October, their growth rates have slowed compared to earlier in the year due to regulatory challenges related to Decree 37, which governs exploited seafood. This has led to delays in certification processes at various fishing ports. For skipjack tuna, essential for canning, fishing is currently halted due to concerns over compliance with minimum size regulations.
The seafood industry is hopeful for favorable outcomes following the EU's IUU inspection program scheduled for November 2024. If successful, tuna exports could potentially reach the $1 billion target achieved in 2022.
For more detailed forecasts on seafood export results in 2024, please see here.
(seafood.vasep.com.vn) As geopolitical tensions in the Middle East continue to escalate, the global food market is facing increasing volatility in logistics costs, energy prices, and supply chains. In the seafood sector, alongside ocean-caught products such as tuna, the surimi-based product group—including fish cakes, crab sticks, fish balls, and other imitation seafood products—has also been affected to some extent by these developments.
(seafood.vasep.com.vn) According to the 2026 brackish-water shrimp farming calendar issued by the Da Nang Department of Agriculture and Environment, the 2026 crop started in early January and is expected to harvest in late June. However, stocking progress has been slower than planned as farmers remain cautious, focusing on pond renovation and production preparations.
(seafood.vasep.com.vn) After the Lunar New Year of Binh Ngo 2026, commercial clam prices in Ha Tinh province surged sharply, nearly doubling compared to normal levels and standing about 20–30% higher than the same period last year. The spike has encouraged many aquaculture households to accelerate harvesting and sell large volumes to the market.
(seafood.vasep.com.vn) In January 2026, Vietnam’s shrimp exports reached USD 379.6 million, up 22% compared to the same period in 2025. The double-digit growth in the very first month of the year signals a relatively positive recovery in orders, particularly in Asian markets.
(seafood.vasep.com.vn) From the very beginning of 2026, India’s shrimp industry has received a series of favorable trade signals: U.S. reciprocal tariffs have been reduced, while the successful conclusion of a Free Trade Agreement (FTA) with the EU has opened prospects for eliminating nearly all seafood tariffs in the coming years. This shift not only enables Indian shrimp to quickly offset declines in the U.S. market, but also reshapes the global competitive landscape, placing greater pressure on Vietnamese shrimp exporters in terms of price, market share, and strategic positioning.
(seafood.vasep.com.vn) Entering 2026, Vietnam’s pangasius industry is recording many positive signals, both in terms of raw fish prices and export prospects. Export turnover this year is projected to reach approximately USD 2.3 billion. Amid ongoing volatility in the global market, diversifying export destinations, reducing dependence on major markets, and effectively leveraging free trade agreements (FTAs) are considered key to maintaining sustainable growth and creating new momentum for the pangasius sector.
(seafood.vasep.com.vn) With forecasts indicating that weather conditions in 2026 may become more complex—featuring prolonged heatwaves, unseasonal rains, and increased salinity intrusion—the agricultural sector of Can Tho City advises brackish water shrimp farmers to strictly follow the seasonal farming calendar and strengthen pond environmental management to minimize risks and improve production efficiency.
(seafood.vasep.com.vn) On February 4, a working delegation led by the Authority of Telecommunications (Ministry of Science and Technology) met with the Management Board of Cat Lo Fishing Port (Phuoc Thang Ward, Ho Chi Minh City) to comprehensively review the installation of Vessel Monitoring Systems (VMS), assess signal connectivity, and evaluate the effectiveness of information technology applications in fisheries management across the city.
(seafood.vasep.com.vn) The year 2025 marked a significant milestone for China’s lobster market, with total imports reaching a record high and the supply structure undergoing major changes. Amid this surge, Vietnam’s lobster exports—especially green lobster—accelerated dramatically, reaching new highs and contributing substantially to Vietnam’s overall record shrimp export value.
(seafood.vasep.com.vn) With a range of synchronized solutions, from institutional improvements and strengthened communication to strict fleet control, Quang Ninh is stepping up efforts to combat illegal, unreported and unregulated (IUU) fishing, determined to join the country in soon having the European Commission’s (EC) “yellow card” lifted.
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