Vietnam’s seafood exports continued their recovery with a 20% growth rate in August, reaching nearly $953 million, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

That remarkable performance brought the total value of seafood exports to approximately $6.3 billion in the first eight months of 2024, marking a 9% year-on-year increase.

According to VASEP, all major export items of Vietnam’s seafood industry including shrimp, pangasius, tuna, and other marine fish species experienced increases. Specifically, the exports of shrimp, pangasius, tuna and other marine fish species in August rose by 30%, 18%, 13% and 12% respectively as compared to the same period last year.

VASEP reported that by the end of August, shrimp exports reached nearly $2.4 billion, marking a 9% increase compared to the same period last year. However, global shrimp production in 2024 is expected to decrease, which will likely impact shrimp prices. It is predicted that shrimp production in China, Ecuador and India will all drop this year, causing global production to fall by 260,000 tons (equivalent to 5%) to 4.89 million tons. Meanwhile, shrimp consumption is starting to increase in Europe, and the US market has also shown slight recovery. These trends are positive signs for the shrimp market.

Tuna exports by the end of August totaled $652 million, reflecting a 21 per cent increase from the same period in 2023. The general market trend indicates sustained demand for tuna products from Vietnam. However, in the coming months, tuna exports may face challenges maintaining the strong growth observed at the beginning of the year due to a lack of raw materials.

According to VASEP, pangasius exports in the January-August period reached nearly $1.3 billion, an increase of 9% compared to the same period last year. While pangasius exports to China remain sluggish, the recovery of the US market serves as a significant “lever” for the growth of pangasius exports.