• Vietnam's fishery exports surged by 20% in August 2024, earning $953 million.
• Shrimp and pangasius led the growth, with increases of 30% and 18% in exports respectively.
• The total value of fishery exports for the first eight months of 2024 was $6.3 billion, a 9% year-on-year increase.
• The Vietnam Association of Seafood Exporters and Producers projects 2024 seafood exports to reach between $9.4 and $9.5 billion, a 6% increase from 2023.

Vietnam's fishery sector has been making waves in the global market, with a significant surge in exports recorded in August 2024. The Southeast Asian nation raked in a whopping $953 million from fishery exports, marking a nearly 20 per cent increase compared to the same period in the previous year. This data was released by the Vietnam Association of Seafood Exporters and Producers, as reported by local media.

The fishery sector's performance in August was largely buoyed by the robust growth in exports of key products. Shrimp, a staple in Vietnamese cuisine and a popular export, led the charge with a 30 per cent increase in exports. This was closely followed by pangasius, a type of catfish native to Southeast Asia, which saw an 18 per cent rise in exports.

Key Contributors to Growth

Tuna and other marine fish also contributed to the overall growth, with a 13 per cent and 12 per cent increase in exports respectively. However, not all fishery products enjoyed the same success. Squid and octopus, two of Vietnam's traditional seafood exports, experienced a 15 per cent decrease in export turnover. Despite this setback, the overall performance of the fishery sector remained strong, demonstrating the resilience and adaptability of Vietnam's fishery industry.

The first eight months of 2024 have been particularly fruitful for Vietnam's fishery sector. The total value of fishery exports during this period was estimated at 6.3 billion dollars, a 9 per cent increase year on year. This growth can be attributed to a gradual recovery of seafood exports, both in terms of demand and price.

Looking Ahead: Future Projections

The Vietnam Association of Seafood Exporters and Producers has attributed this recovery to a combination of factors. The global demand for seafood has been on the rise, and Vietnam, with its rich marine biodiversity and established fishery industry, has been well-positioned to meet this demand. Additionally, the price of seafood has also seen a recovery, further boosting the profitability of exports.

Looking ahead, the association is optimistic about the future of Vietnam's fishery sector. It expects that seafood exports for 2024 will reach between 9.4 and 9.5 billion dollars, marking a 6 per cent increase compared to 2023. This projection underscores the potential of Vietnam's fishery sector and its growing importance in the country's economy.

Historically, Vietnam's fishery sector has been a key contributor to the country's economy. The sector has weathered numerous challenges, including fluctuating global demand and environmental concerns. However, it has consistently demonstrated resilience and adaptability, leveraging its rich marine resources to meet global demand.

With a projected growth of 6 per cent in seafood exports for 2024, the future looks promising for Vietnam's fishery industry. As the global demand for seafood continues to rise, Vietnam is well-positioned to ride the wave and further strengthen its position in the global fishery market.