SSI Research: Seafood Industry’s 2024 Earnings to Grow by 20%-30%
- 136
- Business
- 16:08 15/01/2024
DNHN - Vietnam's seafood exports are expected to continue their declining trajectory from 2023, leading SSI Research to predict a modest recovery pace in 2024, primarily in the second half of the year.
SSI Research has provided assessments of the Seafood industry. In 2023, seafood stocks have experienced a remarkable growth of 11.7%, nearly equal to the VNIndex. In general, investors have been anticipating the industry’s recovery, with some notable stocks such as FMC (+47%), ANV (+43%), and VHC (+7%). This reflects optimism about future prospects, despite facing significant challenges.
FMC continues to benefit from shrimp exports to the Japanese market, thanks to the expansion of new shrimp farms. Meanwhile, ANV has made a positive entry into the US market in 2023, strengthening the global position of the Vietnamese seafood industry.
However, according to SSI Research, despite positive signs, the recovery of the Seafood industry is expected to be gradual in 2024, mainly in the second half of the year. This is explained by the decline in seafood exports since 2023, where export turnover decreased by 20% in the first 11 months of the year.
Amidst declining average selling prices, particularly in the US and Chinese markets, the seafood industry faces significant challenges. Although the pace of decline has slowed since Q2/2023, there has not yet been a strong recovery and maintenance of selling prices compared to the previous year.
For the tra fish industry, SSI Research observes and predicts that the average selling price decline cycle lasts from 1.5-2 years to reach the bottom and takes about 4 years to go through a full cycle. It is expected that the average selling price may increase again in the second half of 2024, marking optimism about the market’s recovery.
On the shrimp industry side, SSI Research emphasises the focus of domestic shrimp export enterprises on value-added products. Vietnam, ranked 4th in the US market and 1st in Japan, is highly regarded for its ability to produce value-added products, thanks to its skilled workforce and the use of advanced processing technology.
Despite the decline in shrimp export prices to the US, they remain stable compared to Ecuador/India/Indonesia. Facing higher discount prices can be a challenge, but SSI Research expects shrimp selling prices to remain stable or increase slightly in 2024.
Although input prices have decreased, gross profit margin may still decline year-on-year in the first half of 2024 due to lower average selling prices. Despite the weak recovery in order volume, SSI Research believes that the supply of raw shrimp and fish will be sufficient, leading to a slight decrease in prices due to weak demand.
Overall, the Seafood industry is facing many challenges but also carries opportunities for recovery by the end of 2024. The market is awaiting agility and innovation to overcome challenges and seize opportunities amidst the volatility of the global market.
P.V
Related news
- Are Vietnamese firms overlooking their most valuable “gold mine”?
- Iran Conflict and the “Double Shock” to the Global and Vietnamese Economies
- After 8 years and trillions sent abroad, are uST investors caught in a risky no-exit situation?
- When Cryptocurrency leaves the "Grey Zone": How are Vietnamese investors seeking profits?
- When the tech unicorn dream is undermined by reckless fundraising structures
- From New Year messages of World Leaders to the “new rules” of the Global economy in 2026
- Connecting Leaders, Shaping the Future: Strategic Leadership Planning Meeting – CorporateConnections Hanoi A
- Sunlight - Unilever Vietnam Recognized for Outstanding Contributions to the National Initiative Supporting Women Entrepreneurs
- Deputy Prime Minister Nguyễn Chí Dũng: “The country’s major challenges weigh heavily on my mind — and we must resolve them together.
- Unitsky String Technologies signs cooperation agreements with three Vietnamese partners, opening a new direction for smart mobility and sustainable development
- When artists do business – livelihood is no poetry!
- Before the D‑day to abolish flat‑rate tax: Fear of technology and costs leave small traders struggling to adapt
- Vietnamese enterprises at a crossroads: the impact of a potential US–China deal
- "Digital technicians" must not be forgotten if Vietnam aims to meet its strategic goals
- HDBank: Impressive profit growth, leading in profitability and advancing international integration
- TNI King Coffee sued for over VND 5 Billion in unpaid debts
- VINASME and Jeonnam Technopark Sign MOU on technology cooperation, human resource training, and trade promotion
- Vietnamese entrepreneurs strengthen ASEAN connectivity in the digital iIntegration era
- Vietnam upgraded to Secondary Emerging Market by FTSE Russell
- Hanoi’s economy grows 7.92% in first nine months of 2025, FDI surges nearly threefold
Đọc thêm Business
What truly defines corporate value in a rapidly evolving digital era?
In the digital age, corporate value is no longer confined to tangible assets but increasingly resides in brand equity, data, and knowledge - intangible assets that ultimately determine competitive strength.
Are Vietnamese firms overlooking their most valuable “gold mine”?
In the digital economy, corporate value no longer primarily resides in factories or machinery. A growing body of research highlights a fundamental shift in how value is created.
Iran Conflict and the “Double Shock” to the Global and Vietnamese Economies
The outbreak of conflict in Iran since late February 2026 is sending significant shockwaves through the global economy.
After 8 years and trillions sent abroad, are uST investors caught in a risky no-exit situation?
The article “When the Tech Unicorn Dream Is Undermined by Careless Capital-Raising Funds” pointed out legal risks and financial structural issues in the fundraising model related to the uST ecosystem.
When Cryptocurrency leaves the "Grey Zone": How are Vietnamese investors seeking profits?
From a market operating in the "grey zone," cryptocurrency in Vietnam is entering a phase of reshaping as a series of Government orientations, decrees, resolutions related to digital assets, financial security.
When the tech unicorn dream is undermined by reckless fundraising structures
A green transport technology project in Belarus, thousands of kilometers from Vietnam has continued to attract capital from a significant number of Vietnamese investors.
From New Year messages of World Leaders to the “new rules” of the Global economy in 2026
At a pivotal moment of transition, New Year messages from capitals such as Hanoi, Beijing, Washington and Paris reflect distinct priorities and strategic visions.
Connecting Leaders, Shaping the Future: Strategic Leadership Planning Meeting – CorporateConnections Hanoi A
"Your network is your most powerful flowing asset. It generates value, multiplies opportunities, and accelerates your influence across borders."
Innovative ESG enterprise: Trạm Xe Việt startup proposes solutions to build a green mobility ecosystem
As Vietnam commits to achieving Net Zero by 2050 and tightens emissions standards, the transportation sector faces unprecedented pressure to transform.
Deputy Prime Minister Nguyễn Chí Dũng: “The country’s major challenges weigh heavily on my mind — and we must resolve them together.
On the morning of November 26, 2025, Deputy Prime Minister Nguyễn Chí Dũng chaired a high-level working session at the National Innovation Center (NIC) in Hòa Lạc.