Vietnam seafood exports to Japan unlikely to make breakthrough in 2024: association

Vietnam's seafood exports to Japan made over $1.5 billion in 2023, down 12% compared to 2022, and they are unlikely to make a significant breakthrough in terms of demand in Japan in 2024, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

The sharp decline in whiteleg shrimp and black tiger shrimp exports to Japan was the main factor affecting seafood export turnover in this market, while many other products achieved positive growth.

Crab exports to Japan increased by 36% over the same period in 2022, and became the third largest export product to this market, only after whiteleg shrimp and salmon.

Although estimates for Japan's economic growth in 2024 vary, VASEP predicts that there won't be a significant breakthrough in terms of demand. However, seafood trade with Japan is thought to be more stable than that with other major markets like the U.S., EU, and China.

The important point is that Vietnamese businesses will have to calculate product prices more carefully and take advantage of consumption trends in Japan, the association noted.

Le Hang, head of communications at VASEP, reported that frozen foods marked "ready-to-cook" or "ready-to-eat" are becoming more and more popular in Japanese retail establishments.

Although overall seafood consumption is decreasing, seafood products with sauce are still a popular choice among Japanese people aged 65 and over. Besides, seafood food sets are also proving a hit.

A seafood set is a one-time-use product that includes ingredients, spices, and recipes to prepare a specific dish, allowing you to prepare food in a short time without ingredients having to be cut or weighed.