January 29, 2024


Vietnam forecasts gradual recovery in seafood exports for 2024


The Vietnam Association of Seafood Exporters and Producers (VASEP) anticipates a modest recovery in Vietnam's seafood exports during the first half of 2024, building upon the challenges faced in the previous year, Vietnam News reported.


VASEP said that amid global economic challenges and elevated interest rates, consumer spending is expected to be cautious, limiting a sharp increase in global seafood consumption demand. In this context, VASEP encourages businesses to proactively explore and expand markets, particularly targeting the recovery of seafood exports to the United States, the European Union (EU), and South Korea in the initial months of the year.


While seafood demand is on a path to recovery, customers are exhibiting a preference for products in the lower price segment, including canned fish, raw fish for processing canned items, dried fish, and dried shrimp. The ongoing reduction in prices for several aquatic species is likely to persist until the conclusion of the first half of 2024, as highlighted by Le Hang, VASEP's communications director.


Hang said that Vietnamese shrimp faces continued competition in terms of price and supply, especially with Ecuador and India vying for increased market share in the US, China, EU, and Japan by expanding exports of processed shrimp. The anticipated oversupply of shrimp may extend into the first half of 2024, given the forecasted 4.8% increase in world shrimp production to 5.9 million tonnes.


Illegal, Unreported, and Unregulated (IUU) yellow card seafood exports remain a challenge. Failure to address this issue in 2024 could result in a stagnation of seafood exports to the EU, particularly affecting tuna, squid, octopus, and marine fish.


In a more optimistic outlook, pangasius exports are expected to flourish due to reduced inventories in the US, China, and EU markets, leading to an anticipated increase in pangasius export prices. The trend of importing deeply processed and value-added pangasius products, such as fish maw and pangasius patties, is also on the rise.


VASEP projects a gradual recovery in Vietnam's seafood exports throughout 2024, with a more positive outlook in the second half of the year. The industry's export revenue is estimated to range between US$9.5 billion and US$10 billion for the year.


The shrimp industry is targeting US$4 billion, pangasius aiming for approximately US$1.9 billion, and other seafood products are forecasted to contribute around US$3.6 billion to US$3.8 billion.


In figures from December 2023, total seafood production witnessed a 2% year-on-year increase, reaching 9.3 million tonnes. Seafood export turnover in 2023 amounted to approximately US$9.2 billion, with notable contributions from shrimp (US$3.45 billion), pangasius (US$1.9 billion), molluscs (US$800 million), and tuna (US$900 million).

-        Vietnam News

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