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| Illustrative image__Photo: VNA |
Vietnam's seafood industry is riding a wave of success, with November exports reeling in an impressive USD 924 million, a 17percent annual increase, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Total earnings in the 11-month period came close to USD 9.2 billion, an 11.5 percent year-on-year surge, putting the country on track to meet its USD 10 billion export target for 2024.
Shrimp exports are set to top USD 4 billion by year-end, while other key seafood products like tra fish and tuna also posted robust growth. The export value of mollusks, in particular, skyrocketed by 180 percent.
In addition, the domestic seafood industry is actively boosting the processing and export of by-products such as fish meal, said VASEP Communications Director Le Hang.
In the first 10 months of this year, fish meal netted USD 220.4 million, with full-year earnings projected at USD 264 million. China, consuming nearly 90 percent of Vietnam's fish meal exports, solidifies its position as the primary destination.
China (including Hong Kong) has eclipsed the US as Vietnam’s largest seafood importer, with a remarkable 61 percent growth in November. This pushed the cumulative import value for the first 11 months to over USD 1.7 billion, an annual 19 percent rise.
The US market spent USD 1.67 billion on Vietnamese seafood in the 11-month period with a 21 percent increase in November. Despite looming US tariffs, the outlook for December remains buoyant.
Hang expressed confidence that Vietnam will achieve its USD 10 billion export goal for aquatic products in 2024, an 11.5 percent increase from 2023. Shrimp and tra fish remain the industry's backbone, with an optimistic forecast for seafood exports in 2025 despite challenges from international trade policies.- (VNA/VLLF)
