China spends billions of dollars buying Vietnamese seafood

Seafood exports to China reached more than $1 billion in eight months, up 17 percent year-on-year, according to customs data.

According to China Customs, in the first 8 months of this year, the country imported more than 2.8 million tons of seafood, worth nearly 11.4 billion USD. This level decreased by 6% in volume and 11% in value compared to the same period last year. Vietnam is the 3rd largest supplier to this market.

While China reduced imports from Ecuador and India, seafood products from Vietnam grew positively. According to Vietnam Customs, seafood exports to China in the past 8 months reached over 1 billion USD, up 17% over the same period. Pangasius and white-leg shrimp were the two main products, with revenue reaching 350 million and 180 million USD, respectively.

Other products such as lobster, crab, snails, and clams exported to China also increased sharply. Lobster increased 2.4 times, crab increased 16 times, snails and clams increased 7 and 3 times respectively. Fresh seafood products have great potential, while frozen products face fierce competition.

Crabs at a farm in Ca Mau. Photo: An Minh

According to businesses, consumer demand in China has changed a lot as people prefer fresh seafood over frozen goods. The development of e-commerce and cold chain systems has helped fresh seafood products to be consumed more in traditional markets. Shrimp is the most popular item purchased online by consumers in this country.

A CEO of a lobster exporting company in Khanh Hoa said that China has created a favorable mechanism for lobster exports after relaxing regulations on banning the capture of juvenile lobsters. Many businesses have switched to raising green lobsters to meet the high demand of this country. In addition, a small portion of spiny lobsters are exported in frozen form. Vietnamese crabs are also popular in this market thanks to their unique flavor and competitive prices.

The Vietnam Association of Seafood Exporters and Producers (VASEP) forecasts that seafood exports to China will continue to increase in the remaining months of this year, especially during the holidays and Tet at the end of the year. VASEP also estimates that this year's export turnover to these markets will range from 9.4 to 9.5 billion USD, an increase of nearly 6% compared to 2023.

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