Business

Vietnam’s seafood exports surge to 2.45 billion USD in Q1

Industry insiders pointed to stable raw material prices and a strategic shift towards higher-value processed products as key factors underpinning the strong performance of the two top earners -shrimp and tra fish.

Completing export-grade tuna products at the Ba Hai JSC factory in Phu Yen province. (Photo: VNA)
Completing export-grade tuna products at the Ba Hai JSC factory in Phu Yen province. (Photo: VNA)

HCM City (VNA) – Vietnam’s seafood exports staged a remarkable recovery in the first quarter, reaching a total value of 2.45 billion USD, up 26% year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Shrimp and tra fish remained the key drivers of growth. By the end of Q1, shrimp exports totalled 931.6 million USD, a sharp increase of 35.7% compared to the same period last year. This surge was largely attributed to robust demand from major markets such as China, the US, and the EU. Meanwhile, tra fish exports contributed 465 million USD, an annual rise of 13%.

Industry insiders pointed to stable raw material prices and a strategic shift towards higher-value processed products as key factors underpinning the strong performance of the two top earners. However, tra fish exports experienced a slower growth rate compared to shrimp, reflecting a cooling market in early 2025 amid geopolitical uncertainties and continued anti-dumping duties in the US. Vietnamese shrimp, while maintaining upward momentum, faced intense competition from Ecuador and India, both of which benefit from cost and production scale advantages.

In addition, revenue from overseas shipments of crabs, swimming crabs, and molluscs with shell fish stood out as a highlight in the first quarter, reaching 86.4 million USD, a staggering 66% increase year-on-year, driven by soaring demand from China during its Lunar New Year period.

Tuna exports saw modest growth of 3.6%, with cumulative earnings of 222.7 million between January and March. Nguyen Ha, a VASEP expert on the tuna market, cautioned that the EU’s regulations on illegal, unreported, and unregulated (IUU) fishing continue to pose significant challenges for Vietnam’s seafood industry, particularly for the tuna sector./.

VNA
#Vietnam’s seafood exports Q1 2025 #Vietnam Association of Seafood Exporters and Producers Vietnam
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