Workers processing shrimp for export at the Minh Phú Seafood Corporation in the southernmost province of Cà Mau. — VNA/VNS Photo Vũ Sinh

 

Vietnam shipped US$774.3 million worth of aquatic products abroad in January, a year-on-year increase of 3.3 per cent, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

 

This growth is noteworthy given that it coincided with the Lunar New Year holiday.

 

Shrimp continued to lead the sector, generating $300 million in revenue and accounting for 39 per cent of the total export.

 

VASEP Communications Director Lê Hằng cited a recent report from the Netherlands’ Rabobank showing that the global shrimp industry is in a rebalancing phase, with production growth expected to slow across major producers who are working to narrow the gap between supply and demand. This will lead to gradual price recovery in the first half of this year, particularly as demand from the US and the EU improves.

 

However, consumption is falling in China, one of the main destinations for Vietnamese shrimp. Changes in middle class spending habits and income pressures have resulted in a decline in white shrimp consumption, particularly in major cities. Competition from cheaper seafood alternatives and shifting food preferences are expected to impact shrimp exports to China in the next several months.

 

In the meantime, tra fish exports faced challenges in January, with revenues falling over 25 per cent to US$123 million despite higher prices driven by a supply shortage.

 

Enterprises are expecting a growth in tra fish exports to the US on the back of a bilateral agreement signed on January 17 to remove anti-dumping duties on Vietnamese fish fillets. This deal marked the end of the dispute in Case DS536 at the World Trade Organization (WTO) that had been ongoing since 2018.

 

Tuna exports recorded revenues of over $65 million in January, down 17.7 per cent year-on-year. However, stable growth in consumption from key markets like the US and EU offers hope for recovery this year. The sector could benefit from tariff policy changes, particularly in the US market, potentially making Vietnamese tuna more competitive against other imports, according to VASEP.

 

Market performance varied significantly across regions. While exports to China (including Hong Kong) surged by 64.9 per cent, the US and EU markets declined by 16 per cent and 17.6 per cent, respectively. ASEAN markets showed steady growth at 10.5 per cent, highlighting Southeast Asia's potential as a bright spot for the export of Vietnamese aquatic products.

 

Looking ahead, the industry will face the challenge of adapting to changing consumer habits, tariff policies and supply and demand fluctuations in the global market. VASEP said the sector’s success in 2025 would largely depend on developing value-added products, improving product quality and diversifying export markets to ensure sustainable growth. — VNS

 

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