With the current growth momentum, Vietnam’s seafood industry could achieve the target of 10 billion USD for the entire year of 2024, an increase of 11.5% compared to 2023.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the last two months, Vietnam’s seafood exports reached 1 billion USD in October and 924 million USD in November. By the end of November 2024, the total seafood export turnover of Vietnam was nearly 9.2 billion USD, an increase of 11.5% compared to the last year.
Besides, Vietnam’s seafood exports have strongly developed by-products such as fishmeal. Specifically, in 10 months of 2024, fishmeal exports reached 220.4 million USD. It is forecast that the total for the year will be 264.6 million USD, with the Chinese market accounting for nearly 90% of Vietnam’s fishmeal export turnover.
Catfish and shrimp remain the two main export items of the seafood industry.
The export of shrimp and catfish both showed positive results thanks to the recovery in demand and prices in the US and Chinese markets, along with the strength of value-added products in other markets such as Japan or Australia. The recovery and breakthrough of major import markets, especially the US and China, have boosted Vietnam’s seafood exports in recent months and the final months of the year.
Among them, the China-Hong Kong market has taken the lead in importing Vietnamese seafood, with a growth rate of 61% in November, raising the total turnover to over 1.7 billion USD, an increase of 19% compared to the same period last year.
The U.S. market also recorded positive growth, with 21% in November, reaching 1.67 billion USD after 11 months. It is expected to be positive in December before the U.S. government may impose new tariffs.
Recently, the U.S. Department of Commerce has announced preliminary countervailing duties on shrimp imported from Ecuador, India, and Vietnam. Notably, the tax rate for Vietnamese shrimp is 2.84%, significantly lower than 4.36% for India and 7.55% for Ecuador. This is an important competitive advantage for Vietnamese shrimp in the U.S. market in the near future.
Currently, Vietnamese seafood is benefiting greatly from the Free Trade Agreement between Vietnam and the EU. (EVFTA). Seafood products that have benefited from the EVFTA immediately after it came into effect have shown promising export growth results.
For example, the tax on most raw shrimp (fresh, frozen, or chilled) entering the EU is reduced to 0% as soon as the agreement comes into effect. While Thailand and India do not have an FTA, Ecuador still faces a basic tax rate of 12%.
In addition to the main and traditional export markets such as the Netherlands, Germany, or France, Vietnam’s seafood exports have many opportunities to effectively exploit some potential and niche markets in the EU. It is forecast that the demand for importing and consuming seafood products in the EU in the last months of the year may continue to increase.