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Vietnam fetches nearly 2 billion USD in fisheries exports

Updated: 21:31, 01/04/2024

Vietnam’s fisheries exports generated nearly 2 billion USD in revenue from January – March, up 8% year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

The country shipped more than 690 million USD worth of shrimp abroad during the period, a year-on-year increase of 15%, while earning nearly 424 million USD, 220 million USD and over 47 million USD from tra fish, tuna and crab and other crustacean exports, rising 0.4%, 22.2% and nearly 60%, respectively.

Shrimp processed for export. 

VASEP Communications Director Le Hang said the US, Japan and China were the largest importers of fisheries products, with exports to the US going up 16%, China 30% and Japan over 5%.

Shrimp exports to the US grew 15%, while those of tuna, tra fish and crab increased significantly, from 13 to 53%.

As for the Chinese market, shipments of prawn and crab rose 11 and seven-fold against the same time in 2023. China’s white-leg shrimp imports from Vietnam swelled two-fold as it tightened purchases from Ecuador.

Exports of shrimp and crab to Japan recorded positive signs, posting growth of 20% and 23%, respectively. Vietnamese tra fish has been increasingly favoured in the Japanese market as shipment grew 25%.

In contrast, there was no clear recovery for shrimp and tra fish exports to the EU and the Republic of Korea (RoK). However, tuna exports to the markets escalated 27% and 15%, respectively.

Experts said as there are various barriers for the fisheries sector, including the European Union’s yellow card on illegal, unreported and unregulated (IUU) fishing, the US’s anti-subsidy duties, and tensions in the Red Sea and trade conflict. Vietnamese enterprises should stand ready to put up sails and navigate the headwinds.

It is necessary to seek new customers through international fisheries fairs and exhibitions in the US, Europe, Japan and the Republic of Korea for better recovery, they said.

Although Vietnam could have opportunities to bolster shrimp exports as shrimp lines from Ecuador and India were refused in several market due to antibiotic contamination, Vietnamese exporters should stay prudent and strictly comply with regulations from import markets as well as the domestic market to avoid barriers and protectionism.

VASEP Chairwoman Nguyen Thi Thu Sac said local enterprises should work to ensure safe supply chain and origin traceability so as to improve competitive edge and develop sustainably.

The association and its members expect better administrative reform and support from the Government and relevant ministries and sectors so that businesses could enhance their competitiveness, she said.

She suggested the fisheries business community and state agencies join hands to bolster exports to traditional markets and potential ones such as India, the Middle East and ASEAN.

Source: VNA 

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