According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood exports in October reached an estimated $1.3 billion, up 13.5 percent year-on-year.
As a result, Vietnam’s seafood exports reached over $10.4 billion in the first ten months of 2026, up 12.1 percent year-on-year. Growth momentum shifted toward fish products and Asian markets, while shrimp exports slowed and the US market contracted.
Shrimp slows down as pangasius accelerates
Despite double-digit overall growth, export contributions diverged sharply across product categories. In October, other fish species reached nearly $309 million, up 55 percent year-on-year, accounting for 70 percent of the industry’s total incremental value for the month. Pangasius exports reached over $249 million, up 14.9 percent; tuna rose 13.4 percent; and squid and octopus increased 14.8 percent.
Conversely, October shrimp exports dropped 4.9 percent to nearly $474 million. Vannamei (whiteleg) shrimp fell 8.3 percent to nearly $307 million, reaching $2.62 billion over ten months (up 4 percent).
Meanwhile, spiny lobster exports reached nearly $915 million, jumping 31 percent and driving overall shrimp growth. This trend reflects global headwinds, as shrimp imports fell in the US and EU while Ecuador increased supply.
In contrast, pangasius faced more favorable prospects. Ten-month pangasius export revenue approached $2 billion, up 11 percent year-on-year, supported by high international prices for wild-caught whitefish such as Atlantic cod and Alaska pollock.
China and ASEAN become primary growth engines
Seafood exports in the first ten months of 2026 also highlighted a geographical shift in growth drivers. China and Hong Kong (China) remained the largest driver, generating $2.62 billion, up 30.3 percent year-on-year and contributing roughly 54 percent of the sector's total incremental export value.
ASEAN also posted positive growth, with turnover reaching $722 million, up 22.9 percent. Together, China, Hong Kong (China), and ASEAN generated nearly $745 million in additional export revenue, representing about two-thirds of the total seafood sector increase.
In the EU and Japan, October exports recovered by 22.1 percent and 6.7 percent, bringing ten-month cumulative growth to 1.1 percent and 2.8 percent, respectively.
The US market presents greater concern. In October 2026, seafood exports to the US fell 11.8 percent to nearly $200 million, bringing ten-month turnover down 1.2 percent to $1.63 billion. Sluggish import demand and trade policy uncertainties remain key bottlenecks. Exporters are awaiting the final results of the 20th administrative review (POR20) regarding anti-dumping duties on Vietnamese shrimp.
However, the full-year target of $12 billion in seafood exports remains within reach. To hit this milestone, the sector needs an additional $1.54 billion over the final two months, averaging $770 million per month, a figure comfortably below the $1.315 billion recorded in October.
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