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| By the end of October 2024, Vietnam’s exports of aquatic products had reached USD 8.33 billion. |
| Photo : VNA/CVN |
According to the Ministry of Agriculture and Rural Development, the sector is targeting an export turnover of USD 9.5 billion in 2024, an increase of 3% compared to 2023. However, the signals positive results recorded at the end of the year could make it possible to adjust this objective to 10 billion USD.
By the end of October 2024, Vietnamese exports of aquatic products reached USD 8.33 billion, an increase of 12% year-on-year. In October alone, exports generated USD 1.1 billion, surpassing the symbolic threshold of USD 1 billion in one month for the first time in 27 months.
Flagship products such as shrimp, pangasius and tuna all showed notable growth. Shrimp exports reached USD 3.2 billion in ten months (+13% compared to the previous year), those of pangasius 1.7 billion USD (+9%), while those of tuna exceeded 821 million USD (+18%).
Thanks to this dynamic, the sector is confident of reaching, or even exceeding, the target of 10 billion USD in 2024. To achieve its objectives, the aquatic products sector must maintain a sustained export rate of 900 million USD per month until the end of the year, according to Deputy Minister Phùng Đuc Tiên.
Major markets such as the United States, China and Japan remain key destinations for Vietnamese aquatic products. In October 2024 alone, shrimp exports earned USD 394 million (+24% compared to the same period last year), bringing the ten-month total to USD 3.2 billion (+ 13%). Exports to the United States amounted to more than USD 80 million in October (+17%), reaching USD 646 million for the ten months (+10%).
Exports to traditional markets such as Japan and the Republic of Korea recorded particularly dynamic growth in October, with +18% and +28% respectively, according to the Vietnam Association of Aquatic Products Producers and Exporters (VASEP).
These results confirm the positive dynamics of the aquatic products sector in 2024, announcing sustained growth for the years to come.
-Promising development potential
Building on the positive signals from the end of 2024, the aquatic products sector in Vietnam can hope for even more sustained growth in 2025.
The dynamism of the sector is also supported by favorable public policies, notably a preferential credit program amounting to up to 60,000 billion VND, intended to support forestry and aquaculture activities, thus facilitating companies’ access to financing at preferential rates.
In addition, the recently approved National Program for the Protection and Development of Aquatic Resources until 2030 aims to protect and regenerate aquatic resources while ensuring sustainable development of the sector.
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| The aquatic products sector in Vietnam can expect even more sustained growth in 2025. |
| Photo : VNA/CVN |
In addition, the sector benefits from numerous free trade agreements (FTAs) to which Vietnam is a party, such as the EU – Vietnam Free Trade Agreement (EVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). ), or the Regional Comprehensive Economic Partnership (RCEP) agreement. These agreements allow Vietnam to expand its markets and benefit from tariff advantages.
In addition, the aquatic products sector stands out for the adoption of cutting-edge technologies in production and processing processes, demonstrating a constant desire to improve product quality and increase productivity, and thus to strengthen its competitiveness on the international market.
2024 marks a turning point for the Vietnamese aquatic products sector, which, after going through a period of turbulence, is now experiencing renewal and positive dynamics. The successful combination of corporate efforts, government support and optimal exploitation of trade agreements places the aquatic products sector on a sustainable growth trajectory in 2025.
VNA/CVN
