Processing tra fish. China, the US and Japan were the primary importers of Vietnamese fishery products in the first quarter of this year. — VNA/VNS Photo

China, the US and Japan stood out as the primary importers of Vietnamese fishery products in the first quarter of this year, as reported by the Vietnam Association of Seafood Exporters and Producers (VASEP).

Exports to the US saw the highest increase in the period, by 16 per cent, to US$330 million, with shrimp shipments rising by 15 per cent, and that of tuna, tra fish and crab surging by between 13 per cent and 53 per cent, respectively.

Meanwhile, exports to China and Hong Kong (China) increased by 15 per cent. China was the biggest importer of Vietnamese tra fish, white-legged shrimp, lobster, anchovy and crabs.

According to VASEP, as China is tightening control of lobster import from Ecuador, Việt Nam sees an opportunity to increase its exports. In the first quarter of this year, Việt Nam’s lobster export to China was seven times higher than that of the same period last year. Moreover, its export of white-legged shrimp also increased 2.5 times.

Việt Nam’s exports of fishery products to Japan also saw positive signals, VASEP’s communication director Lê Hằng said.

The export of Vietnamese white-legged shrimp, crab and tra fish to Japan picked up by 20 per cent, 23 per cent and 25 per cent, respectively, compared to the same period last year.

Exports of Vietnamese shrimp and tra fish to the EU and the Republic of Korea (RoK) have not seen clear signs of recovery. However, Việt Nam’s tuna shipments to these markets grew positively - up 27 per cent to the EU and up 15 per cent to the RoK.

In general, tuna exports to major markets saw good growth in the first quarter with increases of 30 per cent to the US and 9 per cent to Japan.

Hằng said that after international fishery product fairs held in the EU, the US and Japan, it’s expected that Vietnamese exporters can gain more orders and Vietnamese products can be sold at better prices.

VASEP forecasted that in 2024, Việt Nam’s shrimp industry will continue to compete with Ecuador and India in terms of prices and supply. Oversupply will likely happen in the first half of this year. Meanwhile, tra fish inventory in the US, China and the EU will shrink and export prices will increase again in those markets.

As Việt Nam’s fishery exports are expected to gradually recover in the second half of this year, the country’s exports in the whole year 2024 is estimated to reach $9.5-$10 billion with shrimp bringing home $4 billion, tra fish $1.9 billion and other fishery products $3.6-$3.8 billion, according to VASEP. — VNS