Seafood exports in Vietnam rise to $2 billion in Q1

Vietnam's seafood exports have seen a notable increase in the first quarter, reaching nearly US$2 billion, an 8% rise from the previous year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). The growth is primarily attributed to heightened demand in key markets such as the United States, Japan, and China - Hong Kong, with the US market alone witnessing a 16% increase in imports valued at $330 million. This surge is driven by popular Vietnamese seafood products like shrimp, tuna, tra fish, and crab. Positive developments include lower anti-dumping duty rates for Vietnamese tra fish in the US and preliminary countervailing duties on Vietnamese shrimp, which are lower than those imposed on India and Ecuador. Additionally, increased inspections on Ecuadorian shrimp by China are opening more opportunities for Vietnamese exporters. Despite some market challenges, the outlook for Vietnam's seafood exports remains optimistic, buoyed by expectations of better prices and increased orders following international seafood fairs.