Vietnam Aims for a Record-Breaking USD 9.5 Billion Seafood Export Target in 2024

by Ella

Vietnam is setting ambitious goals for its seafood export sector in 2024, eyeing a target of USD 9.5 billion in revenue. The Southeast Asian nation anticipates generating USD 4 billion from shrimp exports, USD 1.9 billion from pangasius sales, and USD 3.6 billion from other seafood products.

The Vietnam Association of Seafood Exporters and Producers (VASEP) revealed that the 2024 target surpasses the total seafood export value of the country in 2023. VASEP established this objective with optimism that there will be a surge in global demand during the latter half of 2024.


However, achieving this ambitious target poses significant challenges for Vietnamese seafood exporters, as highlighted by VASEP. Global geopolitical disruptions, including the Russia-Ukraine war, conflicts in the Middle East, and attacks on transportation vessels in the Red Sea, are affecting international trade. These disruptions contribute to increased transportation costs and elevated prices for aquaculture and seafood-processing equipment, potentially leading to a new wave of inflation that could impact seafood supply and demand in 2024.


Moreover, a glut in the global shrimp supply is anticipated to persist through at least the first half of 2024, leading to a decline in prices and, consequently, export value.


Despite achieving record seafood export growth in 2022, Vietnam faced challenges in 2023 due to heightened inflation and diminished demand in key global markets. In 2023, the country exported seafood worth USD 8.97 billion, a 17.8 percent decrease from 2022. Key markets, including the U.S., Japan, China, South Korea, and Australia, experienced declines in purchases.


Analysts express optimism about Vietnamese seafood exports in 2024, citing a gradual rebound in shrimp demand in the U.S. market. However, Vietnamese shrimp exporters anticipate increased barriers to entering the U.S. market due to an ongoing investigation by the U.S. Department of Commerce and the potential implementation of antidumping duties, supported by the U.S. shrimp industry.



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