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 …
