Fisheries exports grow by 6% in H1
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Vietnam’s fisheries exports in the first half of 2024 were worth US$4.4 billion, up 6% year-on-year on higher demand in major markets like the U.S., China and the EU.
The Vietnam Association of Seafood Exporters and Producers’ latest report said key items such as shrimp, pangasius, and tuna did well.
Pangasius accounted for $918 million and tuna for $472 million, up 5% and 23%. Shrimp fetched $1.6 billion, a 6% increase, while exports of other crustaceans jumped by 75% to $125 million.
The U.S. and EU imported 18% and 56% more tuna. Shrimp exports to China and the EU rose by 17% and 13%.
Top shrimp exporter Minh Phu said profits for the first half were VND7.2 billion (US$284,000) as against a loss of VND98 billion in the same period last year.
Its CEO, Le Van Quang, said the company has been receiving more orders than last year and is planning to boost exports to China, Japan, South Korea, Australia, and New Zealand.
Businesses are optimistic that seafood exports, especially of green and sustainable products, will grow even more in the coming months.
But the seafood association said some challenges remain, such as fierce competition from Ecuador and India, rising transport costs and a shortage of raw materials for processing.
Questions & Answers
Q.Which specific seafood products saw the most significant growth in exports during the first half of 2024?
Which specific seafood products saw the most significant growth in exports during the first half of 2024?
Tuna exports experienced a 23% increase, reaching $472 million. Other crustaceans also saw a substantial jump of 75% to $125 million, indicating strong performance in these categories.
Q.What were the main reasons for the overall increase in Vietnam's fisheries exports in the first half of the year?
What were the main reasons for the overall increase in Vietnam's fisheries exports in the first half of the year?
The primary driver was higher demand in major markets, including the U.S., China, and the EU. This increased demand contributed to the 6% year-on-year growth in total export value.
Q.What challenges do seafood exporters anticipate despite the positive growth trends?
What challenges do seafood exporters anticipate despite the positive growth trends?
The seafood association highlighted several challenges, including fierce competition from Ecuador and India. Rising transport costs and a shortage of raw materials for processing are also expected to impact the sector.
Q.How did Minh Phu's financial performance change compared to the same period last year?
How did Minh Phu's financial performance change compared to the same period last year?
Minh Phu reported profits of VND7.2 billion ($284,000) for the first half of 2024. This contrasts sharply with a loss of VND98 billion recorded during the same period in the previous year.