Vietnam is expected to exceed its target of selling USD 9.5 billion (EUR 9 billion) worth of seafood exports this year, thanks in large part to growth in sales to the U.S. and China.
In early 2024, the Vietnam Association of Seafood Exporters and Producers (VASEP) said the country aims to earn USD 4 billion (EUR 3.8 billion) from shrimp exports, USD 1.9 billion (EUR 1.8 billion) from pangasius sales, and USD 3.6 billion (EUR 3.4 billion) from other seafood products this year.
The latest preliminary data from Vietnam Customs showed that the country shipped seafood worth USD 9.17 billion (EUR 8.73 billion) between January and November of this year, up 11.5 percent year over year, putting the country well on track to achieving its goal.
Sales to the U.S. totaled USD 1.68 billion (EUR 1.6 billion) in the period, marking an increase of 16.4 percent year over year, while the value of seafood exports to China totaled USD 1.57 billion (EUR 1.5 billion), which was up 26.4 percent year over year.
According to VASEP, the export value of Vietnamese shrimp in the period was about USD 3.55 billion (EUR 3.4 billion), representing an increase of 13.6 percent year over year.
The U.S. was the largest buyer of shrimp from Vietnam in terms of sales value, purchasing shrimp worth nearly USD 600 million (EUR 571.8 million) between 1 January and 15 October – up 10 percent from a year earlier. Lower domestic inventory, rising demand associated with year-end holidays, and a more consumer-friendly economic landscape recently have helped improve Vietnam's shrimp exports to the U.S., VASEP said.
Vietnam’s year-over-year increases were an outlier in the fact other major shrimp-producing nations have seen slides in exports to the U.S. this year.
According to Shrimp Insight, between January and October 2024, Ecuador, Indonesia, and India experienced year-over-year decreases of 9 percent, 10 percent, and 1 percent, respectively, in terms of shrimp export volume to the U.S.
One reason why Vietnam was able to succeed when other countries struggled, according to VASEP, was that Vietnamese shrimp exporters were in a more favorable position compared to their competitors following a recent decision by the U.S. Department of Commerce (DOC).
Under the DOC’s final determinations on antidumping and countervailing duty investigations on frozen warmwater shrimp from Vietnam, Ecuador, Indonesia, and India, Vietnamese firms – except for Thong Thuan – were handed an average countervailing duty of 2.84 percent, which was lower than Ecuador's countervailing rate of 3.78 percent, Indonesia's antidumping rate of 3.9 percent, and India's countervailing rate of 5.63 percent.
Vietnam has also already been dealing with antidumping duties for over a decade – though the DOC did lower duties for some shrimp exporters in 2019.
As for pangasius, Vietnam shipped USD 1.84 billion (EUR 1.75 billion) of the fish abroad in the first 11 months of the year, marking a spike of 9.5 percent year over year, VASEP said.
The U.S. is also a major buyer of pangasius from Vietnam, purchasing about USD 300 million (EUR 285.8 million) of the fish from January to November, which was up 28 percent year over year, according to VASEP data quoted by Sai Gon Giai Phong.
Similar to shrimp, pangasius exporters are enjoying a friendly DOC determination, as the department ruled that Vinh Hoan and several other Vietnamese pangasius-exporting firms did not engage in dumping their products in the U.S. market and are, therefore, not subject to additional duties.
“Vietnam’s pangasius exports are likely to surpass the USD 2 billion [EUR 1.9 billion] mark as orders for seasonal [holidays] will continue to increase. Meanwhile, many importers in the U.S. are rushing to purchase the fish before President Trump officially takes office for fear of tariff hikes,” VASEP said.
Tuna was the next best seafood export performer for Vietnam, raking in a sales value of about USD 906.3 million (EUR 863.2 million) between January and November, which was up 17.4 percent year over year.
Exports of squid and octopus in the period were worth about USD 601.6 million (EUR 573 million), which stayed steady compared to a year earlier, while sales of crab rose 59.9 percent year over year to about USD 299.7 million (EUR 285.5 million).
Given the strong growth in international sales of seafood products, VASEP said it expects export value this year will surpass USD 10 billion (EUR 9.5 billion).
