Vietnam's Seafood Export Revenue Reaches $7 Billion

Vietnam's seafood exports have generated over $7 billion in revenue during the first nine months of this year.

According to data released by the Vietnam Association of Seafood Exporters and Producers (VASEP), with $866 million earned from seafood exports in September this year, the total revenue from seafood exports in the first nine months of the year has reached $7.16 billion. This is an 8.5% increase compared to 2023.

After years of disruption to seafood exports due to the COVID-19 pandemic and inflation, global markets are stabilizing, and Vietnam's seafood exports have improved, strengthening particularly in the second quarter of the year. In the recently concluded third financial quarter alone, Vietnam's seafood exports reached $2.76 billion. This is a 13% increase compared to the third quarter of last year.

This year, shrimp has been the highest foreign currency earner for Vietnam. Over the past nine months, the country exported $2.8 billion worth of shrimp. This is also a 10.5% increase compared to the previous year.

According to VASEP data, the country's crab exports in the third quarter also saw a significant increase. While crab exports in the third quarter rose by 56%, crab exports over the nine-month period increased by 66%. The massive increase in crab exports is due to high demand from China.

VASEP estimates that Vietnam's seafood exports will reach $9.5 billion this year. This would represent a 7% increase compared to 2023.