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.
(vasep.com.vn) Vietnam’s shrimp exports reached US$3.7 billion in the first nine months of 2026, up 11% year on year. Although growth has been supported by China and several markets within the CPTPP, momentum is slowing as exports to the United States and the European Union decline. Tariff pressures, international competition, and raw material challenges are creating significant hurdles for exporters in the final months of the year.
(vasep.com.vn) Markets are changing faster, buyer requirements are becoming more demanding, and trade barriers are growing increasingly complex. In this environment, seafood businesses need more than an understanding of current market conditions. They need a longer-term perspective to answer a critical question: Where will growth opportunities come from in 2027–2029, and what should businesses do now to prepare? This is one of the key reasons why VASEP is organizing Vietnam Seafood Summit 2026.
(vasep.com.vn) In the first eight months of 2026, Vietnam’s pangasius exports to the Middle East reached US$113 million, up 7% year on year from the same period in 2025. Growth has become more pronounced in recent months. In August alone, exports to the region totaled US$20 million, an increase of 24%. This indicates that demand for Vietnamese pangasius in the Middle East is gradually recovering after a slowdown in March, although the pace of recovery varies across markets.
(vasep.com.vn) China’s shrimp imports continued to grow strongly in 2026, while Vietnam’s shrimp exports to the market also recorded notable growth. However, behind these positive figures lie two distinct trends: Chinese consumption is growing more slowly than imports, and lobster accounts for a substantial share of Vietnam’s shrimp exports to China, making its product mix significantly different from those of Ecuador and India. Exporters therefore need to assess each segment carefully to understand the opportunities and risks.
(vasep.com.vn) Changing markets, shifting buyer demand, and increasingly complex trade barriers are raising a key question for Vietnam’s seafood industry: Where will the new growth opportunities lie in 2027–2029?
(seafood.vasep.com.vn) As of the end of August 2026, Vietnam’s tilapia exports to the United States reached $21 million, representing a steep 48% year-over-year decline and accounting for 23% of the country's total tilapia export turnover. Frozen fillets accounted for 78% with the remainder consisting of whole frozen tilapia and frozen cuts.
(seafood.vasep.com.vn) After a volatile first half of the year, Vietnam’s pangasius exports to Brazil registered robust growth in July and August 2026. In August alone, export turnover reached $19 million, surging 73% compared to the same period in 2025. Cumulatively for the first eight months, total export value reached $124 million, reflecting an 8% year-over-year increase.
(seafood.vasep.com.vn) Besides modifying their boats, many fishermen in Dak Lak province are making efforts to venture out to sea to harvest seafood during the rough sea season.
(seafood.vasep.com.vn) At the Responsible Seafood Summit and TCRS Shrimp Summit 2026, organized by the GSA (Global Seafood Alliance) in Bangkok, Thailand, the conversation about the future of the shrimp industry began with one of its most important foundations: seedstock quality.
(seafood.vasep.com.vn) In the first eight months of 2026, Vietnam’s tuna exports to Lithuania surpassed $14 million, up 8% year on year. While the increase remains modest, it is notable given the continued pressure on Vietnamese tuna exports to the EU as a whole. More importantly, export turnover to Lithuania has shown a clearer recovery in recent months, making the market a destination worth monitoring for Vietnamese businesses in Europe.
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