Vietnam’s Seafood Exports Surge to Nearly US$2 Billion in Q1

Hanoi, The Gulf Observer: The Vietnam Association of Seafood Exporters and Producers (VASEP) reports a robust performance in Vietnam’s seafood export sector, with exports reaching close to US$2 billion in the first quarter of the year, marking an impressive 8 per cent increase compared to the same period last year.

Key markets driving this surge include the United States, Japan, and China-Hong Kong, with the US emerging as the top importer. Exports to the US soared by 16 per cent, amounting to $330 million, driven by significant increases in shrimp, tuna, tra fish, and crab exports, ranging from 13 to 53 per cent.

Tra fish prices in the US rebounded after reaching a low point at the end of last year, contributing to the positive momentum in exports. Similarly, white-legged shrimp export prices witnessed a slight uptick, albeit still lower compared to average prices over the past five years.

VASEP highlights encouraging developments in the US market, citing the US Department of Commerce’s recent announcement of reduced anti-dumping duties on Vietnamese frozen tra fish fillets, signaling favorable prospects for tra fish exporters.

In the Chinese market, Vietnam’s exports of tra fish, white-legged shrimp, lobster, anchovies, and crabs witnessed remarkable growth, with significant increases recorded across various seafood categories. Vietnam’s tightening inspection of shrimp imports from Ecuador has resulted in decreased supply from that country, presenting Vietnamese firms with opportunities to expand their exports of white-legged shrimp to China.

Exports of white-legged shrimp and crab to Japan also showed positive signs, with notable increases of 20 per cent and 23 per cent, respectively. Vietnamese tra fish is gaining traction in Japan, evidenced by a substantial 25 per cent increase in exports in the first quarter.

While shrimp and tra fish exports to the EU and Korea are yet to show signs of recovery, tuna exports to these markets demonstrated notable growth, with a 27 per cent increase to the EU and a 15 per cent increase to Korea.

Overall, tuna exports to major markets remained solid, with significant increases observed in exports to the US and Japan, up by 30 per cent and 9 per cent, respectively.

Despite challenges, such as fluctuations in export prices and varying market demand, VASEP remains optimistic about the sector’s outlook, anticipating increased orders and improved prices following international seafood fairs in key markets such as the US, EU, and Japan.

Lê Hằng, VASEP’s communications director, emphasized the importance of strict compliance with regulations to sustain exports, citing lessons from issues faced by competitors like India and Ecuador regarding antibiotic residue and labor concerns.

Amidst evolving market dynamics, Vietnam’s seafood exporters are poised to leverage emerging opportunities while navigating challenges to maintain their position as a global seafood powerhouse.