Seafood exports recovering and gaining momentum
In early September, the prices of pangasius and shrimp continued their upward trend from the previous week. August saw a 20% rise in seafood export revenue, marking an impressive recovery over the first eight months of the year, with expectations for further growth in the remaining months.
Rising prices of shrimp and pangasius
Ca Mau province, home to the largest area and production of brackish water shrimp farming in Vietnam, experienced a steady increase in shrimp prices in early September 2024, as reported by the Department of Agriculture and Rural Development (DARD). On September 4, whiteleg shrimp prices rose between 1,000 and 13,000 VND/kg compared to the previous week, and between 3,000 and 37,000 VND/kg year-on-year. The most significant rise was in shrimp size 25 count/kg, priced at 173,000–175,000 VND/kg, up by 13,000 VND/kg from last week and 37,000 VND/kg from last year. Shrimp size 40 count/kg increased to 137,000–139,000 VND/kg, up by 3,000 VND/kg from last week and 21,000 VND/kg from the same period last year. Shrimp size 100 count/kg reached 88,000–90,000 VND/kg, marking a slight increase of 1,000 VND/kg from last week while remaining stable year-on-year.
The price of black tiger shrimp remained steady compared to the previous week but showed an increase from last year. Shrimp size 40 count/kg was priced at 125,000–130,000 VND/kg, up by 10,000 VND/kg, while size 30 count/kg rose to 155,000–160,000 VND/kg, up by 15,000 VND/kg year-on-year.
According to August 2024 data, black tiger shrimp prices saw a slight increase since August 20 and have since stabilized. Whiteleg shrimp prices increased more sharply, with sizes rising by 3,000–40,000 VND/kg between August 15 and 30. Shrimp sizes ranging from 20 to 40 count/kg saw increases of 27,000–40,000 VND/kg, while smaller sizes (50–100 count/kg) rose by 3,000–16,000 VND/kg.
In the Mekong Delta, raw pangasius prices increased by 300–500 VND/kg during the week of September 5–11, 2024, compared to the previous week. The total volume of pangasius harvested during this period surged, meeting order demand, although private farm supplies showed signs of declining.
August exports grow by 20%
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood exports in August 2024 continued to recover, posting a 20% year-on-year increase to nearly $953 million. Both capture and aquaculture production increased to meet demand, with aquaculture showing a more pronounced rise. Specifically, August’s seafood production reached 862,300 tons, up 2.5%, with aquaculture production totaling 522,400 tons, a 3.8% increase year-on-year.
Shrimp production increased due to higher export demand, particularly during the harvest season for brackish water shrimp. Whiteleg shrimp production was estimated at 119,600 tons, up 2.7% year-on-year, while black tiger shrimp production reached 30,000 tons, up 1.7%. Shrimp exports rose by 30%.
Pangasius production in August reached 148,200 tons, a 3.9% year-on-year increase, driven by stable and high raw pangasius prices. This motivated farmers and companies to increase production, meeting processing and export demands. Raw pangasius, sized between 800 grams and 1.1 kg, was priced at 26,000–26,500 VND/kg. Pangasius exports increased by 18%.
Tuna exports grew by 13%, while exports of other marine fish rose by 12%. Overall, all key seafood products experienced growth rates of 2–3 digits compared to the same period last year.
Eight-month growth fuels optimism
In the first eight months of 2024, seafood exports totaled nearly $6.3 billion, an increase of nearly 9% year-on-year, according to VASEP. Shrimp exports reached nearly $2.4 billion, up 9%, including whiteleg shrimp at approximately $1.75 billion (up 8%) and black tiger shrimp at nearly $290 million (down 7%). Lobster exports saw a 140% surge.
Pangasius exports neared $1.3 billion, marking a 9% increase year-on-year, while tuna exports totaled $652 million, up 21%.
VASEP officials highlighted that shrimp exports have shown positive trends with stable growth in recent months. A global shrimp production decline in 2024 is expected to push prices higher, as shrimp production in China, Ecuador, and India is projected to decrease by about 260,000 tons (equivalent to a 5% drop), reducing global output to 4.89 million tons. Meanwhile, shrimp consumption is beginning to rise in Europe, and the U.S. market is showing signs of recovery. While shrimp import prices in China remain low, these are encouraging indicators for the shrimp market.
In the U.S., demand for whitefish remains strong under the USDA’s procurement program. On August 29, 2024, the USDA announced additional seafood purchases, including catfish, providing an opportunity for Vietnam’s pangasius industry. Vietnam’s pangasius enjoys a competitive price advantage. Farmers and processors in Vietnam expect rising demand in the final months of the year, aiming for $2 billion in pangasius exports by 2024, representing a nearly 9% increase from 2023.
According to VASEP, seafood exports to various markets are showing positive trends in terms of both demand and price recovery. Although challenges such as the IUU yellow card, anti-subsidy duties, and anti-dumping taxes remain, the industry aims to achieve $9.4–9.5 billion in exports for 2024, representing a nearly 6% increase from 2023.
VFM
