Vietnam's Seafood Exports Are Currently Experiencing Growth Opportunities

In April 2024, Vietnam's marine product exports reached $775 million, marking a year-on-year increase of 4.5%. This positive trend is particularly promising for the US, EU, and Chinese markets.

Specifically, Vietnam witnessed a significant increase in seafood exports to the United States during this month, reaching 10% and totaling $141 million. Tuna and basa fish emerged as the primary export products. However, shrimp, crab, and octopus experienced slightly weaker export performance compared to the same period in 2023 with a decline ranging between 2% and 3%.

Regarding export prices, Vietnamese basa fish has shown gradual improvement overall. Notably in the US market where basa fish exports surged by 34% in April while its price increased by approximately 24%. Conversely, in the Chinese market, basa fish prices declined to their lowest level since July 2021 at $1.89 per unit.

For China specifically though not exclusively limited to it; Vietnamese marine products have also demonstrated favorable export performance with an increase of 4% from last year amounting to $130 million exported in April alone. Shrimp and basa fish saw modest increases of around 4-5%, whereas crab experienced an impressive over eleven-fold surge.

Furthermore, Vietnamese marine products exhibited robust growth momentum within the European market as well with a notable rise of 22% in April alone. Black tiger shrimp exports tripled while white leg shrimp increased by32%, basa fish rose by27%,and tuna achieved an impressive70% boost.

In conclusion, Vietnam's marine product exports are displaying a positive trajectory which is expected to further enhance its competitiveness across major markets moving forward.