According to VASEP, in the remaining months of 2024, the seafood industry will enter a cycle of accelerating exports and soon reach the export target of 10 billion USD this year.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), after reaching the 2023 target of 9.2 billion USD, equivalent to 92% of the target set at the beginning of the year, the seafood industry set a cautious target for 2024 with export turnover reaching nearly 10 billion USD, up 3% compared to 2023.
VASEP said that in July 2024, seafood export is 915.172 million USD, up 17.6% over the same period in 2023. In the first 7 months of 2024, Vietnam's seafood exports were more than 5.3 billion USD, up 7.8% over the same period last year.
Seafood exports in the first 7 months of 2024 to key markets such as: Leading the top seafood export markets are the group of CPTPP member countries with 1.36 billion USD, up 3.2%; the United States is 952 million USD, up 11.6%; China and Hong Kong (China) are 931 million USD, up 10.1%; the EU is 597 million USD, up 9.4%; South Korea is 435 million USD, up 3.5% over the same period last year.
Most key products grew slightly compared to the same period in 2023. For example: Shrimp of all kinds reached more than 2 billion USD, up 8%; Pangasius reached more than 1.1 billion USD, up 9%; Tuna reached 558 million USD, up 21.8%, mollusks (squid, octopus, ...) reached more than 456 million USD, up 6.4%.
The good news is that seafood exports are showing positive signs as they enter the third quarter of 2024 with many orders signed and exports to demanding markets being boosted. With this momentum, experts predict that the seafood industry's target of 10 billion USD in export turnover in 2024 will be easily achieved.
According to Mr. Tran Van Hung - Chairman of the Board of Directors of Hung Ca Company Limited said: “Since the pandemic, the number of exports has increased every day, especially in 2024, the company's export output increased from 10 to 20%. In previous years, our company exported about 300 containers per month, but this year we export about 360 containers per month. At the present time, we cannot produce in time for orders from foreign partners.”
Not only fish products, businesses in the shrimp industry also have many positive changes. Mr. Tran Anh Khoa - General Director of Anh Khoa Company Limited shared: "Orders in the last months of this year have increased significantly compared to the same period last year, from 10 to 15%. Currently, many foreign customers have come to our company to place orders and Anh Khoa Seafood's task is to prepare raw materials and increase production time to serve all orders at the end of this year."
Faced with difficulties and challenges caused by the global economic downturn, many seafood businesses have promptly adjusted their production and business strategies to improve export efficiency to the US and EU markets. This is considered one of the main reasons why the seafood industry has achieved many positive results in export activities.
According to the Vietnam Association of Seafood Exporters and Producers, the export opportunities in the second half of this year are huge, as our country is benefiting from the wave of shifting orders from the US and the advantages of boosting exports to China.
Mr. Phung Duc Tien - Deputy Minister of Agriculture and Rural Development affirmed: "With this momentum, plus the Government's trade promotion activities, businesses are expanding into more niche markets such as the Halal market - a market with great potential. Last year, this market imported more than 9 million tons, this year it will certainly be more. With more output and more exports, we will reach the finish line sooner. Thereby, by 2025, it will create the premise for the seafood industry to reach the finish line according to the export plan for 2021 - 2025".
To achieve the export target of 10 billion USD this year, seafood businesses need to adapt and adjust their operating plans to suit the market context.
Enterprises need to diversify export markets to avoid dependence on one market. At the same time, increase exports to new markets, aiming to expand and promote the development of the domestic market.
In addition, businesses should continue to promote their products to consumers, build the image and recognition of Vietnamese seafood. At the same time, update information from the markets, correctly assess the situation, thereby having the most appropriate and timely response.
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