Vietnam's seafood exports adapt to changes to reach the target of 10 billion USD

Published 2024년 7월 3일

Tridge summary

Vietnam is planning to reach a seafood export target of 10 billion USD despite global economic uncertainties. The country has seen a 4.9% increase in seafood export turnover in the first half of 2024, with the US being the strongest market. The crabs and crustaceans category experienced the highest growth, following by tuna, shrimp, and pangasius. However, the shrimp industry faces challenges such as high inflation and shipping rate increases. Despite these challenges, the EU market demand for shrimp is expected to increase, and Japan's import demand is relatively stable. The company Nha Trang Seafoods F89 JSC is adjusting its strategies to improve shrimp export efficiency to the US and EU markets and expand to other countries.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Although seafood exports have prospered, they continue to face many difficulties due to many uncertainties in the world economy. Ms. Nguyen Thi Thu Sac, Chairwoman of the Vietnam Association of Seafood Exporters and Producers (VASEP), affirmed that in order for Vietnam's seafood exports to reach the target of 10 billion USD this year, businesses need to adapt and adjust. Adjust operating plans to suit the market context. Businesses must also diversify export markets to avoid dependence, while expanding new markets, aiming to develop the domestic market. In the first 6 months of 2024, Vietnam's seafood export turnover will reach 4.36 billion USD, up 4.9% over the same period in 2023. According to VASEP, among the top 5 largest seafood import markets of Vietnam, the strongest growth is still the US market, followed by China, EU and Korea. Regarding product types, the group of crabs and crustaceans has the strongest growth, followed by tuna, shrimp, and pangasius. Products from ...

Source: Vietstock