US remains Vietnam’s largest seafood export market

According to the latest data from the Ministry of Agriculture and Rural Development, Vietnam exported an estimated US$1.1 billion worth of seafood in October 2024, bringing the total value of seafood exports over the first 10 months to US$8.33 billion, a year-on-year increase of 12 percent.

The US, China, and Japan remained Vietnam’s top three seafood export markets in the first 10 months, holding the respective market shares of 18.5 percent, 16.8 percent, and 15.4 percent. In the first nine months, seafood exports to the US, China and Japan grew respectively by 14.2 percent, 19.8 percent, and 0.7 percent year-on-year.

Among the 15 major seafood export markets, Russia recorded the highest growth rate, 94.8 percent, while Thailand saw the sharpest decline, 10.1 percent.

Vietnam exported US$8.33 billion worth of seafood in the first 10 months of 2024 - Photo: The Leader

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s seafood exports in the first 10 months reached US$8.33 billion, up 12 percent year-on-year. Of this, shrimp exports accounted for US$3.23 billion, up 13.9 percent, and pangasius exports US$1.54 billion, up 8.7 percent. In October alone, shrimp and pangasius exports surged by 26 percent and 24 percent, outperforming tuna and squid.

Notably, VASEP highlighted that seafood exports reached US$1.1 billion in October 2024, marking a 31 percent year-on-year increase. This is the first time in 27 months, since June 2022, that monthly seafood exports have reached US$1 billion - a significant milestone for Vietnam’s seafood businesses.

On October 22, 2024, the US Department of Commerce announced preliminary countervailing duties (CVD) on shrimp imports from Ecuador, India, and Vietnam, with the CVD rate for Vietnamese shrimp set at 2.84 percent, significantly lower than 4.36 percent for India and 7.55 percent for Ecuador. This favorable rate strengthens Vietnamese shrimp’s competitiveness in the US market.

However, VASEP cautioned that with Donald Trump’s re-election, US trade policies may bring both opportunities and challenges for Vietnam’s seafood exports in the coming time.

Given potential US-China trade tensions, the US might reduce seafood imports from China, creating demand for alternative suppliers, including Vietnam.

Despite more favorable anti-dumping and countervailing duty trends for Vietnamese shrimp and pangasius in 2024, exporters are advised to remain cautious and develop strategies. Previously, under Trump’s administration, the US tightened food safety and quality standards.

Accordingly, seafood exports must comply fully with FDA (Food and Drug Administration) regulations, covering hygiene, food safety, and disease prevention standards.

Vietnamese companies are also encouraged to adopt sustainable practices and adhere to rigorous quality controls from farming to processing to meet the US’ increasingly strict requirements.

Although the shrimp and pangasius sectors are in peak import season, they still face domestic raw material shortages. Businesses need to be more flexible in utilizing reserve raw materials and alternative supply sources to make the most of market opportunities.

US consumers are increasingly interested in sustainability, environmental protection, and social responsibility. Therefore, Vietnamese seafood businesses should adopt sustainable farming methods, such as clean shrimp farming and aquaculture practices that meet international standards, namely GlobalGAP, ASC, and MSC to enhance their reputation and meet the stringent requirements of the US market.

In addition, providing transparent information about production processes, material sources, and quality standards will help domestic businesses build trust with US consumers and partners, meeting the needs of major distributors, supermarkets, and retail chains in the US.