Data from the General Department of Customs shows that Vietnam’s seafood exports in January 2024 reached an estimated $730 million worth, up 60.8% compared to the same period in 2023, as January 2023 coincided with the Lunar New Year holiday.
Vietnam’s seafood exports since late 2023 have shown signs of recovery and are likely to increase again in 2024, especially in the second half of the year. Exports of two key categories, shrimp, and pangasius are expected to recover after a sharp decline in 2023.
According to forecasts by VASEP, Vietnam’s shrimp exports in 2024 are expected to increase by 10-15% compared to 2023, especially in the last 6 months of the year, when inflationary pressures ease, inventory levels decrease, and shrimp prices rise. Meanwhile, the pangasius industry aims to achieve $2 billion in exports.
VASEP predicts that Vietnam’s seafood exports will recover and grow strongly in the second half of the year. With adaptation, market adjustment, and predictions by seafood enterprises, the export turnover of the industry is expected to recover to $9.5 billion – $10 billion in 2024. Of this, the shrimp industry aims for $4 billion, pangasius around $1.9 billion, and the remaining seafood items are forecasted to bring in about $3.6 – $3.8 billion.
The Ministry of Agriculture and Rural Development stated that 2024 will continue with unusual developments and declining seafood resources. Security situation at sea is complex and unpredictable, with regional countries enhancing control over fishing activities, significantly narrowing the fishing grounds of Vietnamese fishermen.
In addition, VASEP believes that in 2024, many difficulties will continue to dominate the seafood production and exports. Furthermore, there will be additional challenges that may slow down the recovery of exports in the coming year.
VFM
