Seafood exports wait for opportunity to accelerate

South Korea is proposing to tighten control over imported seafood. Seafood exports to Australia grow by double digits.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam's seafood exports in the first two months of this year reached 1.2 billion USD. After a 64% increase in January, exports in February slowed down because they coincided with the Lunar New Year holiday and the post-Tet production and business atmosphere was also less vibrant. However, compared to the same period last year, the cumulative results for the first two months of the year were still 13% higher. Of which, exports were heavily skewed towards the US and Chinese markets.

Seafood exports, waiting for the opportunity to accelerate

Specifically, seafood exports to the US market increased by 22%, to China by 44%. Although Japan is the leading market, the export value to this market only increased modestly by more than 5%. The fourth largest market, South Korea, is also only equivalent to the same period in 2023.

It is noteworthy that Australia is in the Top 5 largest markets and brings in 18% more turnover for Vietnamese seafood enterprises. In the Top 8 is Canada with a strong increase of 59% over the same period.

The breakthrough of white-leg shrimp exported to the US and China has an important meaning in the total seafood export turnover to these two markets. Of which, shrimp to China increased 3 times, to the US increased 16%.

Lobster exports alone increased more than 18 times in the first two months of the year, of which the Chinese market dominated 97% and had an export value that increased 28 times over the same period.

In addition to whiteleg shrimp, the US also sharply increased imports of many other species from Vietnam such as: tuna increased by 23%, tra fish increased by 25%, tiger shrimp increased by 115%, crab increased by 70%...

With the positive trend of the two key markets, many businesses have had outstanding export turnover growth in the past two months.

In particular, Soc Trang Seafood Joint Stock Company is at the top with sales 30% higher than the same period last year and accounts for 3.3% of the total seafood export turnover of the country.

Vinh Hoan Joint Stock Company is accelerating again with the company's export turnover increasing by 14% and accounting for nearly 2.9% of the country's total seafood exports. In the Top 3 is also Minh Phu Seafood Corporation with a breakthrough export turnover one and a half times higher than the same period.

In addition, many shrimp, pangasius, and tuna enterprises have significantly higher turnover than the same period last year, such as: Minh Phu Hau Giang, FIMEX Vietnam, Vietnam Tuna Company Limited, Thuan Phuoc Company, Van Duc Tien Giang Food Processing Export Company Limited, Vietnam Clean Seafood Joint Stock Company...

However, according to VASEP, the export market is not yet completely green, because there are still challenges, barriers and competitive pressure with other countries, such as the "yellow card" IUU issue of the EU market, anti-subsidy tax in the United States, tensions in the Red Sea and trade conflicts leading to more competition in the US, China...

Therefore, businesses always need to be ready to face challenges and overcome barriers, but also need a push to recover and break through sooner than expected. For example, participating in international seafood fairs and exhibitions is expected to bring many opportunities to expand customers and markets for Vietnamese businesses.

Source