9 Key destinations for Vietnamese seafood

1. China and Hong Kong

China and Hong Kong have emerged as the top importers of Vietnamese seafood, with a 61% growth in November 2024, bringing the cumulative value to over $1.7 billion in the first 11 months, up 19% compared to the same period last year. The market continues to lead pangasius exports with $479 million, though slightly down by 2% compared to the same period last year.

In 2024, Vietnamese seafood exports to China and Hong Kong saw strong growth, especially in January, with values surpassing $118 million, more than tripling compared to January 2023. To sustain and expand their market share, Vietnamese seafood companies need to focus on adhering to quality standards, ensuring food safety, and keeping up with consumer trends in these two regions.

2. The U.S.

Vietnam’s seafood exports to the U.S. reached $1.5 billion in the first three quarters, a 15% increase compared to the same period last year. The U.S. is Vietnam’s second-largest shrimp market, with $646 million, a 10% increase from the previous year. Pangasius exports to the U.S. totaled $256 million in the first three quarters of 2024, up 24% from the same period last year. It’s expected that the U.S. market will continue to strongly consume products like frozen pangasius fillets, contributing to Vietnam’s overall seafood growth.

Shrimp exports to the U.S. could remain stable, thanks to preliminary countervailing duties of 2.84%, lower than competitors like India and Ecuador. However, the U.S. is highly competitive, with major players such as Thailand, India, Ecuador, and others, requiring Vietnamese businesses to constantly improve product quality and marketing strategies to maintain their position.

3. Japan

Vietnam’s seafood exports to Japan in the first three quarters of 2024 totaled $1.25 billion, a 2% increase compared to the same period last year, including shrimp exports worth $424 million. In the first ten months of 2024, Vietnam exported major seafood items to Japan, such as frozen fish (37.2%), shrimp (32.6%), crabs (5.3%), octopus (4.9%), and squid (4.6%). In January 2024 alone, shrimp exports to Japan exceeded $37 million, a 30% increase compared to January 2023.

In January, Japan was Vietnam’s third-largest shrimp importer after the U.S. and China & Hong Kong, accounting for 15.4% of total shrimp imports. Although export growth to Japan has slowed, Vietnam’s seafood industry still achieved impressive results, especially with items like shrimp and pangasius, which continue to significantly contribute to export revenue.

4. Europe

Vietnam’s seafood exports to Europe in the first three quarters of 2024 reached $875 million, a 10% increase compared to the same period last year. Of this, shrimp exports accounted for $408 million. However, pangasius exports to Europe grew only slightly by 0.04%, reaching $144 million. On the other hand, tuna exports to Europe in the first ten months of 2024 increased by 19%, earning Vietnam $821 million.

In 2024, Vietnam’s shrimp and pangasius continue to dominate the seafood export structure to Europe. The Netherlands is the leading country in the EU for seafood imports from Vietnam, accounting for 18.6% of total EU seafood imports. Yet, Vietnam’s seafood industry still faces challenges from protective policies and quality requirements, including the EU’s “yellow card” warning for illegal, unreported, and unregulated fishing (IUU).

5. South Korea

In 2024, Vietnam primarily exports shrimp, squid, octopus, and fish to South Korea. Shrimp leads with 43.6% of Vietnam’s total seafood exports to South Korea. Squid and octopus also account for a significant share, totaling 31.4% of export value. Shrimp exports to South Korea in the first three quarters reached $269 million. According to the World Trade Organization (ITC), Vietnam’s seafood exports to South Korea in the first three quarters were valued at $399.117 million, a slight 2% increase compared to the same period last year.

Exports of Vietnamese seafood to South Korea are expected to continue recovering, driven by increasing demand for processed seafood products in this market. Vietnam’s shrimp exports to South Korea remain steady, supported by stable consumption and Vietnam’s favorable geographical position. However, with competition from other countries like Peru, Vietnamese shrimp faces challenges in maintaining its market share.

6. ASEAN

In 2024, Vietnam has continued to increase seafood exports to countries within the ASEAN region, with key products including shrimp, pangasius, tuna, squid, and mollusks. Pangasius is the top export product, particularly to Malaysia, where Vietnam holds a 96% market share of frozen pangasius fillet.

The largest seafood market within ASEAN for Vietnam is Thailand, followed by the Philippines, Malaysia, Singapore, and Indonesia. According to ITC, Vietnam’s seafood exports to Thailand in the first three quarters amounted to $15.554 million, while exports to Singapore were valued at $5.783 million, with good growth in fresh fish (19.33%).

Demand for seafood in ASEAN is forecasted to grow strongly in the coming years, presenting great opportunities for Vietnam’s seafood industry. However, challenges include falling prices and intense competition.

7. Australia

Vietnam’s seafood exports to Australia in the first ten months of 2024 reached nearly $172 million, lower than the peak of $365 million in 2022 and $312 million in 2023. Shrimp, pangasius, and various sea fish are key export items to this market.

Shrimp makes up 72% of Vietnam’s seafood exports to Australia, while pangasius accounts for over 12%. Other products include grouper, squid, mackerel, etc. White leg shrimp constitutes 95% of Vietnam’s shrimp exports to Australia, black tiger shrimp accounts for 0.2%, and other shrimp types make up 4.8%. Of the total shrimp products exported to Australia, value-added processed shrimp makes up 40%.

Australia is not a large market but has high standards and strict quality requirements. Therefore, businesses exporting to this market need to focus on brand building, providing traceable products, continuous innovation, and high-value offerings.

8. Canada

In the first ten months of 2024, Vietnam’s seafood exports to Canada were valued at $124.476 million. Of this, tuna and pangasius exports to Canada increased by 13% and 10%, respectively, totaling $30 million and $32 million. Data from the first quarter shows that Vietnam is the fourth-largest seafood supplier to Canada, accounting for approximately 8.08% of total imports.

In the early months of 2024, Vietnam exported about 900 tons of pangasius worth $2 million, significantly increasing in volume compared to 2023. With the market’s recovery and benefits from the CPTPP agreement, pangasius exports to Canada are likely to continue growing in the coming years.

9. The UK

According to ITC, Vietnam’s seafood exports to the UK reached $141.742 million in the first ten months of 2024, with shrimp and pangasius being the key products. Shrimp accounts for approximately 70% of Vietnam’s total seafood exports to the UK, while pangasius represents around 20%. Frozen shrimp is the largest export item, making up 44.2% in volume and 66.1% in value, totaling 6.2 thousand tons worth $59.3 million, a 14.7% increase in volume and 10.2% in value compared to the same period in 2023.

Vietnam’s seafood exports to the UK benefit from the Vietnam-UK Free Trade Agreement (UKVFTA), which reduces import taxes and facilitates trade for Vietnamese businesses.

VFM