Vietnam's seafood exports are off to a strong start in 2024, with a 13% year-on-year increase in total export value for the first two months of the year, according to a report by the Vietnam Association of Seafood Exporters and Producers (VASEP).

This growth was fueled by a remarkable 64% surge in January sales.

Several key seafood products saw positive growth in the first two months: whiteleg shrimp exports increased by 18%, tuna by 21%, pangasius by 6.5%, and black tiger shrimp by 9%.

Most notably, lobster exports have skyrocketed by more than 18 times compared to the same period in 2023.

By the end of February, Vietnam's total lobster export value reached nearly $30 million – 18 times higher than the $1.6 million recorded in the same period last year. Green lobsters dominated, accounting for over 90% of exports at $27.6 million, an 80-fold increase. Tropical rock lobsters followed with $2.15 million, marking a 45-fold year-on-year increase.

China remains the largest market for Vietnamese lobster, with a total import value of nearly $29 million, representing a 27-fold increase from 2023.

However, China halted imports of Vietnamese tropical rock lobsters in October 2023 due to violations of its Wildlife Protection Law. To resume exports, Vietnamese businesses must provide clear proof that seed lobsters are not wild-caught and demonstrate a sustainable farming process.

While Vietnamese authorities work to resolve these issues, many rock lobster farmers have transitioned to green lobster farming. Demand for green lobsters from China remains high; farmers continue to export live green lobsters, with only a small portion of tropical rock lobsters shipped as frozen products.

Beyond China, Vietnam also exports green and tropical rock lobsters to Thailand, Malaysia, and Singapore. Additionally, Vietnamese crayfish are shipped to the US market.