HCMC – Vietnamese seafood exports surged in 2014 with an export turnover of US$7.9 billion, the highest levels in three years. This exceeded the target of the Vietnam Association of Seafood Exporters and Producers (VASEP) by US$920 million and was an 18.4 percent increase on 2013. The main seafood exports from Vietnam, by value of exports, are frozen shrimp, pangasius catfish, tuna and other fish, mollusks and crustaceans.

The largest market for Vietnamese seafood continues to be the U.S., with American imports of Vietnamese seafood products valued at US$1.76 billion, a 17.9 percent increase on 2013. The US is followed by the EU, Japan, and Korea. At the end of 2014, orders to these key markets slowed down; however, an increase in exports to ASEAN nations and China made up the shortfall.

By far the largest single contributor to the growth of Vietnam’s seafood exports has been shrimp, which saw a 28 percent (US$3.9 billion) increase over 2013. The majority of this increase came from the EU where Vietnamese shrimp sales grew 71.7 percent in 2014 according to VASEP. Sales of pangasius catfish, which is Vietnam’s second biggest export increased by 0.6 percent to US$1.77 billion.

Only 60 percent of the country’s processing factories were able to meet global standards of hygiene and seafood safety regulations in 2010, threatening to limit the potential of the market. It is worthwhile to note that the main reasons for growth were external rather than because of the quality of the product itself. This could prevent growth from continuing in 2015. The biggest reason for the exports increase in 2014 was due to disease outbreaks in China and Thailand, which are two of the largest shrimp exporting countries.

[Source: Vietnam Briefing. Original article - read more]