Vietnam just earned 3.3 billion USD from seafood

Shrimp plays a key role

The export "picture" in the first months of the year has different bright and dark patches, uneven between products and markets.

Shrimp continues to be the main product, with shrimp exports reaching 330 million USD in April alone, up 15%. In the first four months of the year, shrimp exports earned 1.27 billion USD, up 30% over the same period. This growth comes from strong demand in major markets such as China, the European Union (EU) and Japan, along with shrimp prices gradually recovering due to the rebalancing of global supply and demand.

Pangasius reached over 630 million USD, up 9%, maintaining an important position in the group of exported seafood products but showing signs of slowing growth.

Tuna again recorded a decline, reaching only nearly 80 million USD in April, down 12%, although the cumulative 4 months still increased slightly by 1% to more than 300 million USD. The shortage of raw materials, especially due to the regulation on minimum size of skipjack tuna, has limited production and export.

In contrast, tilapia and red tilapia exports grew dramatically, up to 138%, reaching nearly 20 million USD. Mollusc and crab exports also recorded impressive growth, reaching nearly 220 million USD, over 80 million USD and over 120 million USD, respectively, thanks to high demand from China and ASEAN.

Shrimp played a key role in seafood exports in the first four months of the year. (Illustration photo: IT).

In terms of key markets, China is the leading market, with exports to this market reaching 710 million USD in 4 months. Japan is second with 540 million USD, up 22%, with steady growth thanks to value-added products. Seafood exports to the US market only reached nearly 500 million USD, up 7%.

Strong shift forecast

According to VASEP, in May and June, Vietnam's seafood exports are expected to see a strong shift. Vietnamese businesses will focus on boosting exports to the US, especially key products such as shrimp and pangasius, to make the most of the period before new tariffs increase prices.

VASEP forecasts that seafood exports to the US could increase by 10-15% compared to April, thanks to hastily signed contracts and price reduction strategies to maintain market share. In contrast, exports to other markets such as China and ASEAN are likely to stagnate, with growth of only about 3-5%.

The reason is increasingly fierce competition from Chinese seafood. Chinese seafood is already subject to high tariffs in the US and is forced to shift to the domestic market as well as neighboring markets in ASEAN. This competition will reduce the attractiveness of Vietnamese seafood, especially in the low-cost segment.

Vietnam has many advantages to export tuna to Russia. (Illustration photo: IT).

Ms. Nguyen Ha - VASEP's tuna market expert - commented: "In the current context, Russia is considered a market with many advantages and opportunities for tuna processing enterprises to expand exports. Vietnam's tuna export turnover to Russia is increasing day by day."

According to statistics from Vietnam Customs, the export turnover to the Russian market in 2024 reached nearly 45 million USD, an increase of 5 times compared to 2020, the highest in the past 10 years. In the first 3 months of this year alone, tuna exports to this market reached more than 10 million USD, an increase of 15% over the same period in 2024.

According to Tien Phong Newspaper

https://tienphong.vn/viet-nam-just-earned-33-billion-usd-from-seafood-post1739744.tpo

Source: https://thoidai.com.vn/viet-nam-vua-thu-33-ty-usd-tu-thuy-san-213279.html