Exports jumped by 15% year-on-year in the first 10 months to $9.5 billion, driven by shrimp, which accounted for over 40% of the total, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Tuna in Nha Trang, Khanh Hoa Province, early 2023. Photo by VnExpress/Bui Toan

Exports to the U.S. began to slow down in the third quarter, especially of shrimp and pangasius, after that country’s 20% tariff on seafood imports from Vietnam came into effect August.

But prospects of higher exports to other markets are emerging. China remains an “important anchor,” buying more than $2 billion worth in the first 10 months, a 32% rise.

It buys lobster, marine fish and live crab from Vietnam, and its demand is rising steadily.

Exports to Japan rose 15.2% to $1.4 billion despite the falling yen currency. Canada, Australia Japan are among the other fastest growing markets.

But VASEP warned that the fisheries sector would continue to face challenges next year due to the tariffs, anticipated impacts of the U.S. Marine Mammal Protection Act and a possibility that the E.U. would retain its yellow card on Vietnam for illegal, unreported and unregulated fishing.

Competition from India, Ecuador and Indonesia is also intensifying, it added.

Source: vnexpress.vn