Vietnamese seafood companies must be prepared to face challenges in 2024

DNHN - Experts believe that the seafood export market in 2024 will still face many challenges such as competitive pressure, the EU market’s IUU yellow card issue, anti-subsidy taxes in the US, etc.

According to the Vietnam Association of Seafood Processors and Exporters (VASEP), seafood export turnover in the first quarter of 2024 reached nearly US$2 billion, an increase of more than 8% compared to the same period in 2023.

Of which, the US, Japan and China are the top 3 largest import markets for Vietnamese seafood. Exports to the US increased strongly with a growth rate of 16%, reaching US$330 million; exports to Japan were equivalent to the same period, while exports to China increased by 15%.

In the first quarter of 2024, Vietnam’s whiteleg shrimp exports to China increased by 2.5 times compared to the same period. Shrimp, crab and tra fish exports to Japan also showed positive signs when whiteleg shrimp exports increased by 20%, crab exports increased by 23%, and tra fish exports increased by 25%.

However, the EU and South Korean market areas have not yet shown clear signs of recovery for Vietnamese shrimp and tra fish. However, tuna exports to these two markets both grew well, increasing by 27% in the EU and 15% in South Korea.

VASEP assessed that the average export price of seafood products in general in the first quarter of 2024 increased slightly compared to the end of 2023, but was still low. The Director of the Directorate of Fisheries (Ministry of Agriculture and Rural Development) Tran Dinh Luan assessed that although seafood exports have shown signs of improvement, growth is still slow, while input costs and shipping costs are continuously increasing, which are difficulties that many businesses will face in the coming time.

Experts believe that the seafood export market in 2024 will still face many challenges such as competitive pressure, the EU market’s IUU yellow card issue, anti-subsidy taxes in the US, tensions in the East Sea and trade conflicts leading to more competition in the US and China. Businesses need to be ready to face these challenges and seek opportunities from international trade fairs and exhibitions to recover and develop.

P.V