NEWS - www.vnseafoods.com

Vietnam's Lobster Exports to China Soar as Low Prices and Trade Ties Propel a Record-Breaking Resurgence

Vietnam's seafood industry has achieved a significant milestone by generating $1 billion in revenue per month. This success is driven by robust demand from important markets and suggests a positive outlook for the future growth of the sector.

Frozen tuna meat and loins continue to lead Vietnam’s tuna export sector, achieving remarkable growth across major global markets. With strong demand in the U.S., EU, and Russia, Vietnam is solidifying its position as a top supplier of quality frozen tuna.

Vietnam’s shrimp industry is on track for a record-breaking year with exports nearing $2.8 billion as of September 2024. Key markets including the U.S., Europe, and China drive demand as prices continue to rise, boosting the outlook for the year’s final quarter.

The container shipping market is undergoing significant changes, with freight rates from Asia on a downward trend, even as port congestion challenges persist. A three-day strike by the International Longshoremen’s Association (ILA) recently stranded 70 vessels at East Coast ports, causing substantial delays. Experts anticipate it could take days, even weeks to fully clear this backlog. However, this congestion has not slowed the broader decline in freight rates, which have been decreasing steadily as demand softens.

Vietnam's shrimp industry is experiencing a surge in global demand, with positive growth across key export markets. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), by the end of September 2024, shrimp exports have shown impressive gains: an 8% increase to the U.S., a 15% rise to Europe, and a remarkable 26% jump in shipments to China and Hong Kong. This boost has been accompanied by a steady rise in export prices since June, particularly to the U.S. and European markets. Vietnamese shrimp is not only in demand but also increasingly valued by global buyers—a trend that's expected to continue.

Festive Demand and Strategic Growth Fuel Optimism for Year-End Surge

Vietnam’s shrimp sector is experiencing a powerful comeback in the Chinese market, bouncing back after early-year challenges to post robust growth in the latter half of 2024. Shrimp exports, which initially faced a dip in May, surged in June and saw even stronger momentum in July and August. With demand continuing to climb, especially ahead of China’s National Day celebrations, Vietnam’s shrimp exports are on track for a strong finish this year.

Shrimp and Pangasius Lead Growth as Sector Rebounds Strongly

Vietnam’s seafood export industry has made an impressive recovery in 2024, with export values surpassing $7 billion by the end of September. This marks a significant turnaround after recent global disruptions, with key products like shrimp and pangasius driving growth. As of September, seafood exports had reached $866 million, reflecting a 6.4% increase year-on-year, pushing the total value for the first nine months of 2024 to $7.16 billion.

Vietnam's pangasius exports have seen remarkable growth in 2024, setting the stage for the industry to potentially hit its ambitious US$2 billion export target by the year’s end. August alone witnessed an impressive 12% year-on-year increase in Vietnamese pangasius exports, generating US$191 million in revenue, according to the latest report from industry experts.

Vietnam has cemented its status as a dominant force in the global seafood industry, particularly in the supply of whitefish to Colombia. The growing demand for frozen pangasius from Vietnam has not only elevated Vietnam’s standing in the Colombian market but has also demonstrated the critical role Vietnamese seafood plays in global trade.