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Prospects for Vietnamese seafood export growth
Update: 1/14/2015
MARD - 08/08/2014) Over the past seven months, Vietnamese seafood export turnover has been 24.5% higher than the same period last year, reaching $ 4.2 billion. The U.S., EU, Japan, Republic of Korea and China remain the leading importers of Vietnamese seafood.
In recent years, Vietnamese seafood industry has made many efforts to improve the quality of aquatic products towards gradual shift from price competition into quality competition.
According to the Vietnam Association of Seafood Exporters and Processors (VASEP), Vietnam's seafood exports continue to gain such a strong growth momentum thanks to shrimp products.
Black tiger shrimp is still the dominant export commodity of Vietnam compared to other products as Vietnam is now the largest producer of black tiger shrimp in the world with annual stable output. Thanks to high prices, Vietnam’s black tiger shrimp exports to Japan maintain at the strong growth. Japan still remains the top market with a high growth rate of 3%.
In addition to shrimps, other sea products such as squid, octopus, crabs and other crustaceans also are experiencing relatively high growth (14-21%) because of increasing demands.
Regarding market structure, the US remains the leading export market of Vietnam's seafood, accounting for 23% of total exports and this market tends to import more Vietnamese shrimp products. Seafood exports to this market are forecast to rise 37% over the same period in 2013. Besides, the EU continues to be the second largest market for Vietnam's seafood imports, accounting for nearly 18% of total export turnover. Along with black tiger shrimps, white leg shrimp exports have increased dramatically in the EU market, making Vietnam become the third largest shrimp supplier after India and Ecuador.
The Republic of Korea, ASEAN and Australia are also considered potential markets for Vietnamese seafood exports. Typically, the Korean market has regained fourth place among individual seafood importers from Vietnam with a relatively high growth rate (51%) after being relegated in 2013. The Republic of Korea is also Vietnam’s largest squid octopus import market, making up 40% of total octopus export value.
VASEP said that seafood exports will go up in the third quarter to meet demand for year-end festive months and the 2015 new year. Seafood export turnover is expected to reach US$2.1 billion including US$1.2 billion from shrimps, up 25% compared to the same period last year.
According to the Vietnam Association of Seafood Exporters and Processors (VASEP), Vietnam's seafood exports continue to gain such a strong growth momentum thanks to shrimp products.
Black tiger shrimp is still the dominant export commodity of Vietnam compared to other products as Vietnam is now the largest producer of black tiger shrimp in the world with annual stable output. Thanks to high prices, Vietnam’s black tiger shrimp exports to Japan maintain at the strong growth. Japan still remains the top market with a high growth rate of 3%.
In addition to shrimps, other sea products such as squid, octopus, crabs and other crustaceans also are experiencing relatively high growth (14-21%) because of increasing demands.
Regarding market structure, the US remains the leading export market of Vietnam's seafood, accounting for 23% of total exports and this market tends to import more Vietnamese shrimp products. Seafood exports to this market are forecast to rise 37% over the same period in 2013. Besides, the EU continues to be the second largest market for Vietnam's seafood imports, accounting for nearly 18% of total export turnover. Along with black tiger shrimps, white leg shrimp exports have increased dramatically in the EU market, making Vietnam become the third largest shrimp supplier after India and Ecuador.
The Republic of Korea, ASEAN and Australia are also considered potential markets for Vietnamese seafood exports. Typically, the Korean market has regained fourth place among individual seafood importers from Vietnam with a relatively high growth rate (51%) after being relegated in 2013. The Republic of Korea is also Vietnam’s largest squid octopus import market, making up 40% of total octopus export value.
VASEP said that seafood exports will go up in the third quarter to meet demand for year-end festive months and the 2015 new year. Seafood export turnover is expected to reach US$2.1 billion including US$1.2 billion from shrimps, up 25% compared to the same period last year.
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