Vietnam: Seafood maintains growth momentum, meeting supply for the Tet market

Published 2024년 10월 16일

Tridge summary

Vietnam's seafood exports have experienced a surge, with a nearly 10% increase in the first nine months of 2024, amounting to 7.2 billion USD, as markets begin to recover from COVID-19, war, and inflation. The third quarter saw a significant peak in exports, with key products like pangasius, shrimp, crab, and shellfish showing substantial growth. The Vietnam Association of Seafood Exporters and Producers anticipates further growth in 2024, with an expected turnover of 9.5 billion USD. However, the industry faces challenges such as damage to aquaculture activities due to storms and the need for seed support for recovery. Additionally, concerns about disease control in aquatic products are prominent, with a decrease in disease areas but a sharp increase in damage due to climate change. Efforts are being made to ensure a stable supply of raw materials for exports and to support the recovery of the seafood industry.

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

Original content

The demand of recovering markets will be the driving force for businesses to promote exports in the last months of the year. Driving force for businesses to promote exports According to information from the Ministry of Agriculture and Rural Development, seafood exports in the first 9 months of 2024 reached 7.2 billion USD, an increase of nearly 10% over the same period last year. Thus, after 4 years of being disrupted by the Covid-19 pandemic, war, and inflation in the world, the developments of the markets are gradually stabilizing again. Thanks to that, Vietnam's seafood exports have returned to the growth trajectory. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the value of seafood exports peaked in the third quarter of this year when it reached 2.76 billion USD, an increase of nearly 13% over the same period last year. In particular, key products all made breakthroughs, including: pangasius increased by 13.5%, shrimp increased by 17.5%, crab ...

Source: VNRuralEconomics