ANN/THE STAR – Vietnam’s seafood exports are forecast to reach the USD9.5 billion mark in 2024, the local newspaper Vietnam News has reported, citing the Vietnam Association of Seafood Exporters and Producers.
In the early months of 2024, the country’s seafood exports recorded positive signals with a 64 per cent increase in demand year on year, reaching USD750 million.
All of Vietnam’s major seafood product categories experienced significant improvement compared to the same period last year. Exports to China recorded the most notable breakthrough, reporting an increase of more than three times, according to the association.
The association’s chairwoman Nguyen Thi Thu Sac said there are still challenges and issues to overcome such as oversupply, high inventories, lower prices and increased competition, “but we anticipate stronger demand and higher prices in the second half of the year as prices typically climb as inventories decrease”.
Last year, Vietnam’s seafood export revenue reached USD9 billion, an 18-per-cent decline compared to the previous year.
