Vietnam’s Seafood Export Revenue Targets a Robust Recovery to $9.5-10 Billion in 2024 Amid Global Challenges

shrimp

As reported by SeafoodNews on January 16th, Vietnam is gearing up for a significant recovery in its seafood export sector, aiming to reach a revenue target of $9.5 to $10 billion by 2024. This goal comes in the wake of market adjustments and a strategic response to global economic shifts.

The Association of Exporters and Producers of South China Sea Products (VASEP) acknowledges that the journey towards this target will not be without its challenges. The seafood export industry in 2024 is anticipated to navigate through various difficulties, further compounded by external factors influencing the pace of recovery.

VASEP has highlighted several key challenges that the sector faces. Global inflation, which has shown signs of abating in major countries, and the gradual rebound of the world economy, are influencing consumer demand for seafood. Additionally, ongoing geopolitical conflicts, such as the Russia-Ukraine war and tensions in the Middle East, continue to disrupt global trade. These conflicts have led to increased transportation costs and higher input prices for aquaculture and seafood processing. Consequently, many seafood products are expected to undergo a price reduction cycle, potentially lasting until the end of the first half of 2024.

Vietnamese shrimp, a major export product, faces stiff competition in price and supply from counterparts in Ecuador and India. The oversupply situation in the shrimp market is likely to persist into the first half of 2024. Meanwhile, Ecuador and India are increasing their market share in key regions like the United States, China, the European Union, and Japan, particularly in the processed shrimp segment.

Regarding Bashar‘s fish exports, the United States, China, and the European Union remain the primary markets. The export price of Bashar fish is anticipated to rise again. The sector is also focusing on diversifying its products, including an increase in exports of processed Bashar fish and by-products such as fish maw and fish cake.

One of the significant challenges facing Vietnam’s seafood export industry is the IUU (Illegal, Unreported, and Unregulated) yellow card. If unresolved by 2024, it could severely impact exports to the European Union, a critical market for South China Sea products.

In terms of market trends, there is a noticeable shift in consumer demand towards more affordable seafood products. Categories like canned fish, raw fish for processed canned fish, dried fish, and dried shrimp are gaining traction. Additionally, the ban on the import of Japanese seafood by China has opened new opportunities for Vietnamese processors to partner with Japanese factories.

Despite these challenges, there is optimism for a gradual recovery of Vietnam’s seafood exports in 2024. The sector is expected to gain momentum in the latter half of the year. The export target for shrimp products is set at $4 billion, with Bashar fish contributing approximately $1.9 billion. Other seafood products are projected to generate around $3.6-3.8 billion in revenue.

In 2023, the estimated export value of products from the South China Sea was about $9.2 billion. This figure included approximately $3.45 billion from shrimp exports, $1.9 billion from Bashar fish, $800 million from mollusks, and $900 million from tuna.

Vietnam’s seafood export industry’s ambitious target for 2024 reflects its resilience and adaptability in the face of global economic and geopolitical challenges. With strategic planning and market diversification, Vietnam aims to not only recover its export revenues but also strengthen its position in the global seafood market.

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