VIETNAM – Vietnam’s seafood industry is poised for a significant rebound, with exports anticipated to rise by approximately 15% in the second half of 2024 compared to the same period last year.
This optimistic forecast comes from the Vietnam Association of Seafood Exporters and Producers (VASEP), which attributes the expected growth to the country’s intensified efforts in boosting aquaculture and fisheries production.
These efforts are aimed at meeting the increasing demands for both domestic consumption and international exports.
In 2022, Vietnam achieved a notable milestone in its seafood exports, reaching a total value of US$11 billion.
This positioned the country as the third-largest seafood exporter globally, trailing only China and Norway.
The United States, China, Japan, and South Korea have remained Vietnam’s most significant markets for seafood products.
As part of a strategic initiative, Vietnam has been diversifying its seafood exports, with shrimp and shrimp-related products leading in export value.
Additionally, aquaculture has emerged as an increasingly crucial aspect of the country’s seafood production.
The government has emphasized this shift to alleviate the strain on offshore and near-shore resources while simultaneously tightening quality control measures.
However, the sector faced substantial challenges in 2023, largely due to the global economic downturn, which dampened demand in key export markets.
Experts predicted a 32% decline in seafood exports to the United States, with China expected to see a 15% drop.
Exports to South Korea, Japan, and the European Union were also projected to decrease by 10% to 20%.
In light of these challenges, the Ministry of Agriculture and Rural Development has adjusted its forecast, predicting a 5% reduction in seafood export revenue for 2024, down to US$9.5 billion, although this still represents a 3% increase over 2023 figures.
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