Vietnam’s ministry of agriculture and rural development has set an ambitious $10 billion target for seafood exports in 2024, anticipating a boost from the year-end festive season, despite industry challenges, Vietnam News reported.
This would represent an increase of just over 7% compared to last year's total.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood exports reached $7.7bn between January and September 2024, driven primarily by shrimp and pangasius.
VASEP’s deputy general secretary, Nguyen Hoai Nam, noted strong demand for the rest of the year but pointed out obstacles such as raw material shortages and intense competition from Ecuador and China.
The Vietnamese fisheries sector is also grappling with internal barriers, such as unresolved tuna size regulations that limit processing capacity. Nevertheless, VASEP officials highlighted emerging opportunities in Latin American and Middle Eastern markets, which offer growth potential outside Vietnam
That said, VASEP chair Nguyen Thi Thu Sac emphasized the need to reduce export dependence by expanding the domestic market. Minh Phu Seafood's human resources director, Vu Van Duc, added that making Vietnamese shrimp more competitive through quality improvements and strategic pricing will be key to boosting domestic demand.
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