Eleven-month seafood export almost reaches 9.2 billion USD

ABO/NDO- Vietnam's seafood industry is riding a wave of success, with November exports reeling in an impressive 924 million USD, a 17% annual increase, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Total earnings in the 11-month period came close to 9.2 billion USD, an 11.5% year-on-year surge, putting the country on track to meet its 10 billion USD export target for 2024.

Shrimp exports are set to top 4 billion USD by year-end, while other key seafood products like tra fish and tuna also posted robust growth. The export value of mollusks, in particular, skyrocketed by 180%.

Vietnam's seafood sector is on track to meet its 10 billion USD export target for 2024. (Photo: VNA).

In addition, the domestic seafood industry is actively boosting the processing and export of by-products such as fish meal, said VASEP Communications Director Le Hang.

In the first 10 months of this year, fish meal netted 220.4 million USD, with full-year earnings projected at 264 million USD. China, consuming nearly 90% of Vietnam's fish meal exports, solidifies its position as the primary destination.

China (including Hong Kong) has eclipsed the US as Vietnam’s largest seafood importer, with a remarkable 61% growth in November. This pushed the cumulative import value for the first 11 months to over 1.7 billion USD, an annual 19% rise.

The US market spent 1.67 billion USD on Vietnamese seafood in the 11-month period with a 21% increase in November. Despite looming US tariffs, the outlook for December remains buoyant.

Hang expressed confidence that Vietnam will achieve its 10 billion USD export goal for aquatic products in 2024, an 11.5% increase from 2023. Shrimp and tra fish remain the industry's backbone, with an optimistic forecast for seafood exports in 2025 despite challenges from international trade policies.

(Source: NDO)