VIETNAM’S LOBSTER EXPORTS HIT US$712 MILLION IN 10 MONTHS

A close-up view of two green lobsters, the primary species driving Vietnam's seafood export surge - PHOTO: VASEP

HCMC – Vietnam’s lobster exports reached a record US$712 million in the first 10 months of the year, up 135% from a year earlier, driven by green lobster shipments and strong demand from China and Hong Kong, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Customs data showed October exports climbed 75% year-on-year to about US$93 million. Green lobster accounted for 98% of total export revenue, bringing in US$700 million in January–October, rocketing 141% year-on-year. Exports of ornate spiny lobster and other varieties fell 22% and 1%.

Shipments to China and Hong Kong totaled US$702 million, surging 135% and making up almost all export earnings. Export growth to China follows a surge last year, when shipments jumped from US$141 million in 2023 to US$404 million.

A key advantage for Vietnam is that its lobster is not subject to reciprocal tariffs imposed on Canada and the U.S., helping maintain competitive prices in the Chinese market.

Despite strong export performance, domestic farmers continue to face challenges. Prices dropped earlier in the year due to oversupply after the Lunar New Year holiday, while competition from Australia, Canada, the U.S. and Southeast Asian suppliers such as the Philippines, Indonesia and Malaysia has kept local purchase prices under pressure. China’s removal of its ban on Australian lobster has added further competition.

Heavy rains and flooding in late November caused significant losses in the former Phu Yen Province, particularly in Xuan Dai Bay, one of the country’s largest lobster-farming areas with more than 27,000 cages.

Exporters are expected to remain stable in the short term as year-end orders have been secured. But medium-term supply may tighten as losses to near-harvest stock could reduce output early next year, potentially affecting prices and slowing export growth.

Source: The Saigon Times