Vietnam is setting ambitious goals for its seafood exports in 2024, aiming for a revenue of USD 9.5 billion, including significant contributions from shrimp, pangasius, and other seafood products. This target surpasses the total export value recorded in 2023, with the Vietnam Association of Seafood Exporters and Producers (VASEP) anticipating a surge in global demand later in the year. However, reaching this goal entails overcoming several hurdles, such as increased transportation and production costs, which could fuel a new wave of inflation affecting seafood supply and demand.
The global shrimp market is expected to face an oversupply at least through the first half of 2024, potentially lowering prices and export values. After a record growth in 2022, Vietnam’s seafood exports faced a downturn in 2023, falling 17.8 percent short of its USD 10 billion target due to high inflation and reduced demand from key markets like the U.S., Japan, China, South Korea, and Australia.
Despite these challenges, there’s optimism for 2024, particularly because of a gradual rebound in shrimp demand in the U.S. However, Vietnamese shrimp exporters may face additional barriers to the U.S. market due to an ongoing Department of Commerce investigation and potential antidumping duties supported by the U.S. shrimp industry. Fimex (Sao Ta), a Vietnamese shrimp exporter, has already indicated readiness to adjust its market strategy in response to possible countervailing duties from the U.S.
Source: SeafoodSource