The US is the only market that has continuously increased imports of seafood products from Vietnam since the first Covid wave until now. Therefore, this market plays an increasingly important position, accounting for 22% of Vietnam's total seafood export value, while it accounted for 18% of the same period last year.
Shrimp alone accounted for nearly half of seafood export value to the US with nearly $440 million, up 36% over the same period in 2020. This market increased imports of both vannamei and black tiger shrimp from Vietnam. However, vannamei shrimp accounts for the dominant proportion with over 390 million USD, black tiger shrimp is just over 37 million USD, the rest is marine shrimp and other shrimp.
The second largest export seafood species is pangasius, accounting for 19% of exports to the US with 169 million USD, a sharp increase of 58%, followed by tuna accounting for 17% with 153 million USD, up 21%.
Other fish species also accounted for a relatively large value with 21%, reaching nearly 78 million USD, a slight decrease of 1% over the same period. In which, the 5 fish species with the largest export value are seabass, mahi mahi, pollock, cod and grouper.
Although accounting for a small proportion, but the export of crabs, other crustaceans and mollusks to the US has increased sharply. Accordingly, the export of crabs and other crustaceans increased by 62% to 25.6 million USD, accounting for 3%. Export of bivalve molluscs doubled to over 10 million USD, of which clams alone accounted for 50%. Export of squid increased by 33% and octopus increased by 107% to a total of over 8 million USD.
(Abstract from the Report on Vietnam Seafood exports, QII/2021)
(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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