Economy 2024 - Forecast 2025: Seafood exports reach 10 billion USD

Despite facing many challenges in terms of market, logistics and raw materials for processing, seafood exports in 2024 will still reach an impressive target of 10 billion USD. This is the information announced by the Vietnam Association of Seafood Exporters and Producers on the evening of December 23, in Ho Chi Minh City.

Accordingly, the two main products, shrimp and pangasius, contributed 60% of total export turnover; of which, shrimp exports reached 4 billion USD, up 16.7%; pangasius brought in 2 billion USD, up 8.9% over the same period in 2023. In the seafood group, despite many difficulties in raw materials, tuna exports still reached 1 billion USD, up 18% over the same period. Other types of fish contributed 1.9 billion USD; squid and octopus exports reached 662 million USD; crabs, swimming crabs and other crustaceans reached 335 million USD, up nearly 62% over 2023.

Ms. Nguyen Thi Thu Sac, Chairwoman of Vasep, said that the key goal of the seafood industry in 2024 is to bring seafood export turnover back to 10 billion USD, in the context that inflation in major countries has been controlled, the world economy has bottomed out, but is recovering slowly.

In addition, the Russia-Ukraine conflict, fighting in the Middle East and other geopolitical issues around the world continue to disrupt global trade; including the seafood market. The consequences have increased transportation costs, increased input prices for aquaculture, exploitation and seafood processing, causing a new inflationary storm that affects seafood consumption demand.

Although facing many difficulties and challenges, with a creative spirit, flexible adaptability and determination, the Vietnamese seafood industry has achieved its set goals. On the world seafood export map, Vietnam is currently the third largest exporting country, behind only China and Norway. This is proof that the seafood industry is on the right track in sustainable development and increasing the added value of products. It is also the basis for the Vietnamese seafood industry to expect even stronger growth in 2025 and the following years.

Mr. Phung Duc Tien, Deputy Minister of Agriculture and Rural Development, highly appreciated the efforts of the business community, farmers and fishermen in the entire fisheries sector to complete the targets and plans for seafood production and export in 2024, continuing to affirm the position of Vietnamese seafood reaching the world.

According to Mr. Phung Duc Tien, the year 2025 poses new challenges for the seafood industry; in which, resolving the IUU yellow card, adapting to climate change, environmental pollution and market barriers are issues that require the consensus of the entire system from state management agencies, businesses and farmers. However, there are also positive signs such as: improved raw material sources and continued expansion of export markets. In particular, Vietnamese seafood enterprises are increasingly demonstrating their capacity, deep processing level, and high-quality products. These are the foundations to help the Vietnamese seafood industry surpass the 10 billion USD mark in 2025, and move towards the target of 11 billion USD.

The Ministry of Agriculture and Rural Development requests that associations, business communities, and farmers and fishermen in the seafood industry strictly implement food safety regulations, apply technology in the production and processing chain towards a circular economy, reduce greenhouse gas emissions and protect the environment, and meet the standards of partners and customers.

At the same time, actively link units participating in the production chain to improve quality, ensure traceability, and continue to increase the proportion of high value-added products. In addition to traditional markets such as China, the US, Japan, the EU, etc., businesses and associations need to focus on trade promotion and increase their presence in new potential markets such as the Middle East, Halal markets, and Africa to diversify customers and markets.

According to VNA

Source: https://doanhnghiepvn.vn/tin-tuc/kinh-te-2024-du-bao-2025-xuat-khau-thuy-san-ve-dich-10-ty-usd/20241224090700180