According to the Ministry of Agriculture and Environment, seafood exports in the first six months reached over 5.7 billion USD, an 11.4% increase compared to the same period last year. Of this, China imported nearly 1.4 billion USD of Vietnamese seafood, an approximate 40% increase year-on-year, surpassing the US, which imported nearly 898 million USD. Including Hong Kong, export turnover to this region reached approximately 1.5 billion USD, up nearly 38%. Japan ranked third with nearly 788 million USD, a slight increase compared to the same period last year.

A representative from Nam Viet Joint Stock Company stated that the shift towards China became evident from the beginning of the year. In Quarter I, businesses faced raw material shortages, but by Quarter II, both raw material and selling prices decreased. With shipping costs to distant markets remaining high, China emerged as a more attractive option due to its geographical proximity, lower logistics fees, and quicker capital recovery time.

Lobster sold in TP HCM. Photo: Quynh Tran

This assessment was echoed by Le Hang, Deputy General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP). According to her, as the US and Europe increased trade barriers, many businesses proactively redirected their focus to China. Besides less stringent import requirements, this market offers a significant advantage in geographical distance, helping reduce logistics costs and transportation time. For fresh seafood products, businesses can export through border gates, making preservation more convenient and cost-effective.

Meanwhile, exports to the US continue to face pressure. According to Hang, the US is tightening regulations on wild-caught seafood under the Marine Mammal Protection Act (MMPA), requiring businesses to submit additional Certificates of Authenticity (COA) through a complex application process, which particularly impacts tuna products. Shrimp also continues to face high anti-dumping duties.

Furthermore, a surge in shipments to the US before the implementation of new tax policies led to increased inventory. Concurrently, US consumers are tending to tighten spending and prioritize low-priced products. These factors resulted in US export turnover remaining almost flat in the first six months.

According to VASEP, export growth in the first half of the year stemmed not only from recovering market demand but also reflected businesses' adaptability in adjusting markets and product structures. As importers become more cautious, orders tend to be shorter, smaller, and demand more competitive pricing, along with stricter standards for quality, certification, and traceability. This necessitates flexibility from businesses in production and market selection.

Shrimp continued to be the industry's largest export item, with turnover reaching approximately 2.3 billion USD in the first six months, a 13.6% increase, accounting for over 40% of total seafood export value. The primary growth drivers were mainland China and Hong Kong, with lobster experiencing strong purchasing from both markets. Meanwhile, pangasius reached approximately 1.1 billion USD, up 12.1%, maintaining its advantage due to competitive pricing and stable demand for whitefish in many markets.

Nevertheless, the export outlook for the second half of the year remains uncertain. Le Hang stated that businesses continue to face the risk of the US implementing additional protective measures and new trade barriers, ranging from regulations related to forced labor to the potential application of quotas on certain products. Coupled with the rising trend in refrigerated container shipping costs, these factors will pose challenges for the seafood industry in the coming months.

According to her, amidst changing trade policies, businesses have no choice but to continuously update market information, proactively adjust export plans, diversify markets, and increase the proportion of processed products to mitigate risks and sustain growth.

Thi Ha