VIETNAM'S SEAFOOD EXPORTS APPROACH $5.8 BILLION IN FIRST HALF OF 2026

Vietnam's seafood exports reached nearly $5.8 billion in the first half of 2026, up 12.8 per cent on-year, driven by stronger demand, market diversification, and improved product restructuring.

Photo: Le Toan

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood exports generated nearly $1.1 billion in June alone, marking a 21 per cent increase on-year and extending the sector's solid growth momentum. The figures were released by VASEP on June 30 on its website.

The association said the first-half performance reflected recovering global demand and Vietnamese exporters' ability to diversify markets, optimise product portfolios, and capitalise on regions offering geographical and cost advantages.

Shrimp remained the sector's largest export earner. June exports rose 20.7 per cent on-year to $445.9 million, bringing first-half turnover to $2.3 billion, up 13.6 per cent and accounting for more than 40 per cent of total seafood exports.

Growth was mainly supported by robust demand from China and Hong Kong, particularly for black tiger shrimp, lobster, and frozen shrimp. However, exporters continued to face stiff competition in the US market from suppliers in Ecuador, Indonesia, and India, while anti-dumping and countervailing duties, along with stricter traceability requirements, increased compliance costs.

Basa fish remained the second-largest export category. Exports reached $209.1 million in June, up 7.7 per cent, while first-half shipments climbed 12.1 per cent to $1.1 billion, representing 19.4 per cent of the industry's total export value.

VASEP said basa fish continued to benefit from competitive pricing, stable supply, and broad consumer appeal. Expanding value-added, convenience, and smaller-packaged products would be key to sustaining future growth.

Exports of other fish species, mainly marine fish and selected freshwater species, also posted solid results. June exports increased 19.8 per cent to $198.8 million, while first-half turnover reached around $1.1 billion, up 12 per cent. Nevertheless, the segment continued to face challenges related to raw material supply, legal catch certification, traceability, and anti-illegal fishing regulations.

Tuna exports showed mixed performance. June shipments surged 28 per cent to $85.9 million, but first-half exports edged down 2 per cent on-year to $452.7 million, indicating that the recent recovery had yet to offset weaker sales earlier in the year.

Meanwhile, cephalopods and crustaceans remained bright spots. Squid and octopus exports rose 18.8 per cent to $380.2 million in the first six months, while crab and other crustacean exports climbed 26.2 per cent to $206.2 million. Shellfish exports increased 33.1 per cent to $155.3 million, and other molluscs, although from a smaller base, surged 84.4 per cent.

China and Hong Kong remained Vietnam's strongest growth market. June exports to the region increased 32.2 per cent to $256.6 million, while first-half turnover reached $1.5 billion, up 37.9 per cent and accounting for nearly 26 per cent of total seafood exports.

Exports to the US rebounded strongly in June, rising 48.3 per cent to $195.3 million. However, first-half exports totalled $897.9 million, remaining broadly unchanged from a year earlier. VASEP attributed the recovery mainly to short-term orders, while consumer demand remained fragile amid high inventories, price competition, and ongoing tariff and technical barriers.

Japan generated $787.5 million in seafood imports from Vietnam in the first half, up just 0.7 per cent, as weak consumer spending and a depreciating yen constrained demand. Exports to the EU slipped 0.8 per cent to $536.7 million, weighed down by the ongoing European Commission yellow card warning on illegal, unreported, and unregulated fishing and stricter catch certification requirements. Shipments to the Middle East edged down 0.1 per cent to $166.6 million.

Other markets maintained healthy growth. Exports to South Korea increased 9 per cent to $419.4 million, ASEAN rose 15.8 per cent to $380.2 million, and other markets expanded 17.1 per cent to around $1.1 billion, highlighting the effectiveness of Vietnam's market diversification strategy.

Despite the positive outlook, VASEP warned that logistics costs would pose a major challenge in the second half of the year. As a sector heavily dependent on refrigerated container shipping, seafood exporters remain vulnerable to rising freight rates, fuel surcharges, insurance costs, container shortages, and port congestion.

International container freight rates have approached their highest levels in nearly two years, particularly on routes to the US and EU, as importers accelerate shipments ahead of potential new tariff measures.

VASEP said the first-half result provided a solid foundation for achieving double-digit export growth in 2026. However, sustaining momentum will require exporters to strengthen their presence in high-growth markets such as China, ASEAN, and South Korea, while improving compliance in the US, EU, and Japan, controlling logistics costs, and expanding higher value-added processed products.

Source: VIR