Eleven-month seafood export almost reaches $9.2 bln

Vietnam's seafood industry is riding a wave of success, with November exports reeling in an impressive $924 million, 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, an 11.5% year-on-year surge, putting the country on track to meet its $10 billion export target for 2024.

Shrimp exports are set to top $4 billion 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%.

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, with full-year earnings projected at $264 million. China, consuming nearly 90% of Vietnam's fish meal exports, solidifies its position as the primary destination.

China (including Hong Kong) has eclipsed the U.S. 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, an annual 19% rise.

The U.S. market spent $1.67 billion 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 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.