VIETNAM’S SEAFOOD EXPORTS POISED TO REACH US$10.5 BILLION THIS YEAR

Vietnam’s seafood exports are expected to hit US$10.5 billion this year - PHOTO: LAC LONG

HCMC – Vietnam’s seafood exports are expected to hit US$10.5 billion this year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

VASEP said outbound shipments in the fourth quarter may slow to around US$2.2 billion. The decline is attributed to a 20% duty imposed by the U.S. and the likelihood of higher tariffs on Vietnamese shrimp entering this market.

Despite pressures in the U.S., demand from other major markets—including China, the EU, and members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)—is expected to remain stable. This steady intake will help total export revenue grow around 5% year-on-year.

By the end of the third quarter, Vietnam had earned US$8.36 billion from seafood exports, up 16% from a year earlier. Shrimp and tra fish remained the country’s two key export earners.

China continued to surpass the U.S. as Vietnam’s largest seafood buyer, with import value rising 34% year-on-year to US$1.8 billion. The U.S. followed with US$1.4 billion, up 8.4%, while Japan posted US$1.3 billion and the EU recorded US$884 million.

Shrimp exports climbed 22% to US$3.4 billion, the highest level in three years. Tra fish shipments brought in US$1.6 billion, up 9%. Exports of squid, octopus, crab, and other seafood products also posted double-digit growth, supported by demand recovery in CPTPP markets.

Meanwhile, tuna exports edged down due to raw material shortages and supply chain disruptions caused by conflicts in the Middle East.

Source: The Saigon Times