Vietnam's seafood exports showed a steady recovery in the first eight months of 2024, driven by increased demand and rising prices, reports Vietnam News. 

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the country's seafood export value reached nearly $6.3 billion during the period, up 9% year-on-year.

Shrimp exports reached $2.4bn, also up 9% compared to the same period in 2023. This includes $1.75bn from vannamei shrimp and $290 million from black tiger shrimp. Lobster exports also performed strongly, up 140% y-o-y.

Moreover, pangasius exports also increased by 9%, reaching $1.3bn. The recovery of the US market, where exports jumped by 23%, was a major driver, despite a slight 3% decline in exports to China.

Tuna exports rose by 21% year-on-year to $652m. However, VASEP expressed concerns that growth may slow in the coming months due to a shortage of raw materials.

Meanwhile, the EU's fishing yellow card has hampered squid and octopus exports, complicating the certification of legally sourced raw materials. As a result, squid and octopus exports fell by 2% to $402m in the first eight months of the year.

Looking ahead, VASEP predicts that Vietnam's total seafood exports for 2024 will be between $9.4bn and $9.5bn, a 6% increase over 2023.