HCM City (VNA) - Vietnam'saquatic product exports could reach 9.5 billion USD in 2024, said Nguyen Thi Thu Sac, Chairwoman of the Vietnam Association of Seafood Ex🅷porters and Producers(VASEP).

Data from VASEP showed that aquaticproduct exports raked in over 1.3 billion USD in the first two months of 2024,up 23% year-on-year. Of which, both shrimp and tuna exports increased by 37% compared to the same period last year while tra fish (pangasius) exports rose by 15% and othertypes of fish by 8%. Kim Thu, a shrimp marketexpert, said by the end of February,shrimp export turnover reached approximately 460 million USD. Such markets as China, the US, Japan, Canada and Australia, have all seen substantial increases, sheadded.

In January, China surpassedthe US to become Vietnam's largest shrimp importer. It is forecast that China'sshrimp imports in 2024 will increase, creating more opportunities forVietnamese shrimp.

Pangasius export turnover inthe first two months of this year was also positive after recording consecutivedeclines in 2023, raking 275 million USD. Exports to some markets like the US and Chinawill bounce back due to reduced inventories and increasing demand. Thepangasius market of China is expected to be more vibrant thanks to the country’s support policies to stimulate consumption in the first half of2024.

However, insiders said thereare still challenges to overcome such as oversupply, high inventories, lowerpurchasing prices and increased competition. Tensions in the Red Sea leading toincreased transport costs, the European Commission's "yellow card" warning against Vietnamese seafood and anti-subsidy lawsuits willlikely pose additional diff🌼iculties for businesses this year.

VASEP's Director for Communications Le Hang said that the US and EU's bans on Russian aquatic products as well as China's ban on Japanese aquatic products, and the US and EU's warnings against forced labour at China's processing factories are motivating US, European and Japanese businesses to seek processing partners in Vietnam.

Hang advised Vietnamesebusinesses to review their market strategies and suggest them focus onthe domestic market with a population of 100 million as their livingstandards have improved.

VASEP Chairwoman Nguyen Thi Thu Sac urged busin🐲essesto take measures to turn these challenges into opportunities, exploiting anddಌeveloping suitable products for international markets./.