Vietnam's seafood export hits 1 billion USD mark for October

ABO/NDO- Vietnam's seafood industry is on a roll, with export momentum propelling it toward the 10 billion USD target for 2024, laying robust groundwork for 2025.

As of October 2024, seafood export value had reached 8.33 billion USD, a 12% increase year-on-year. October alone witnessed a remarkable 1.1 billion USD in exports, the first time in 27 months that the monthly figure surpassed 1 billion USD, according to the Ministry of Agriculture and Rural Development.

The US, China, and Japan remain the top destinations for Vietnamese aquatic products, but the industry's global reach is expanding rapidly.

Seafood export value had reached 8.33 billion USD of October 2024, a 12% increase year-on-year. (Photo: VNA).

To fuel this growth, the Vietnamese Government has directed the expansion of preferential credit for the forestry and fishery sectors. With funding scaled up to about 50-60 trillion VND (2-2.4 billion USD), this initiative ensures enterprises have access to low-interest loans, bolstering their operations and growth.

In another strategic move, the National Programme for the Protection and Development of Fisheries Resources through 2030 was approved. It focuses on conserving and regenerating aquatic resources, securing the sustainable development of Vietnam's fishery industry for years to come.

Beyond entry into free trade agreements, Vietnamese seafood companies also benefit from embracing technological advancements in farming and processing. These strides highlight the sector's commitment to improving competitiveness and affirming its growing influence on the international stage.

(Source: NDO)