Top 5 Seafood Import Markets from Vietnam

Introduction

Vietnam, a country with a rich history and abundant natural resources, has emerged as a major player in the global seafood industry. The Vietnam Seafood Export industry has seen significant growth over the years, becoming a vital part of the country’s economy.

The Importance of Vietnam’s Seafood Import Market cannot be overstated. With a diverse range of seafood products exported worldwide, understanding the dynamics of this market is crucial for any potential importer.

As of 2024, the revenue in the Fish & Seafood market amounts to US$12.09bn. The market is expected to grow annually by 6.44% (CAGR 2024-2028). Despite the challenges, it is forecast that Vietnamese seafood exports will gradually recover in 2024 and become more positive moving into the second half of the year. With adaptation and adjustment to the market’s context, it is predicted that seafood businesses will help the industry’s export sales recover to rake in US$9.5 billion to 10 billion in 2024.

Stay tuned as we delve deeper into the top 5 seafood import markets from Vietnam, providing a comprehensive view of the global demand for Vietnamese seafood.

United States: The Largest Seafood Import Market from Vietnam

The United States has consistently been the largest importer of Vietnamese seafood, particularly shrimp, pangasius, and tuna.

• Shrimp:In 2023, Vietnam’s shrimp exports to the US reached $682 million, a decrease of 15% compared to 2022. Despite the decline, the US remains a significant market for Vietnamese shrimp. The demand for shrimp in the US market dropped sharply due to oversupply, causing shrimp prices in this market to fall. However, it is predicted that Vietnamese shrimp exports to the US will increase slightly in 2024 when food demand improves, inflation cools down, and retail sales in the US recover.

• Pangasius:The US also imports a significant amount of pangasius from Vietnam. However, in the first seven months of 2023, Vietnam saw a 49% decline in shipping pangasius to the US, achieving over $171 million. The decrease in export numbers reflects a year when Vietnam’s pangasius industry faced many challenges. Despite these challenges, the US remains one of the largest markets for Vietnamese pangasius.
• Tuna:Tuna is another major seafood product that Vietnam exports to the US. However, in 2023, Vietnam’s tuna exports to the US decreased by 27%. Despite this decrease, the US continues to be the top tuna import market of Vietnam.

Japan: The Second Largest Seafood Import Market from Vietnam

Japan, known for its seafood cuisine, is the second-largest importer of Vietnamese seafood. Despite a decrease of 12% in 2023 compared to 2022, Vietnam’s seafood exports to Japan still made over $1.5 billion. The demand for Vietnamese seafood in Japan remains high, particularly for value-added products.

• Value-Added Products:Value-added seafood products are becoming increasingly popular in Japan. These products, which include ready-to-cook or ready-to-eat frozen foods, are gaining traction in Japanese retail establishments. Seafood products with sauce remain a popular choice among Japanese people aged 65 and over. Additionally, seafood sets, which include ingredients, spices, and recipes to prepare a specific dish, are also proving a hit.
• Major Seafood Exports:The sharp decline in whiteleg shrimp and black tiger shrimp exports to Japan was the main factor affecting seafood export turnover in this market. However, many other products achieved positive growth. Crab exports to Japan increased by 36% over the same period in 2022, and became the third largest export product to this market, only after whiteleg shrimp and salmon.

EU: The Third Largest Seafood Import Market from Vietnam

The European Union (EU), known for its stringent quality standards, is the third-largest market for Vietnamese seafood. Despite a decrease of 8% in 2023 compared to 2022, Vietnam’s seafood exports to the EU still made over $123 million. The demand for Vietnamese seafood in the EU remains high, particularly for certified sustainable seafood products.

• Shrimp: In 2023, Vietnam’s shrimp exports to the EU reached $89 million, down 44% over the same period. Despite the decline, the EU remains a significant market for Vietnamese shrimp. The demand for shrimp in the EU market dropped sharply due to oversupply, causing shrimp prices in this market to fall. However, it is predicted that Vietnamese shrimp exports to the EU will increase slightly in 2024 when food demand improves, inflation cools down, and retail sales in the EU recover.
• Pangasius:The EU also imports a significant amount of pangasius from Vietnam. However, in the first seven months of 2023, Vietnam saw a 49% decline in shipping pangasius to the EU, achieving over $171 million. The decrease in export numbers reflects a year when Vietnam’s pangasius industry faced many challenges. Despite these challenges, the EU remains one of the largest markets for Vietnamese pangasius.
• Tuna:Tuna is another major seafood product that Vietnam exports to the EU. However, in 2023, Vietnam’s tuna exports to the EU decreased by 27%. Despite this decrease, the EU continues to be the top tuna import market of Vietnam.
• Crab:In 2023, the EU imported more than 134 million USD of Vietnam’s crab, down 19% compared to the same period in 2022. After many months of decline, in September 2023, Vietnam’s crab exports to the EU recorded positive growth again with a value of more than 14 million USD, up 11% over the same period last year.

China: The fourth Largest Seafood Export Market from Vietnam

China, with its vast population and growing middle class, is a significant importer of Vietnamese seafood. Despite some fluctuations in 2023, Vietnam’s seafood exports to China have shown signs of recovery.

• Shrimp: In 2023, Vietnam’s shrimp exports to China faced many challenges, resulting in a decrease in export value. However, the Vietnam Association of Seafood Exporters and Producers (VASEP) predicts a slight recovery in shrimp exports to China in the first months of 2024.
• Pangasius: Pangasius, a type of catfish, is a major seafood export from Vietnam to China. In 2023, there was a decline in pangasius exports to China. However, with China’s relaxation of Covid control protocols, it is anticipated that the demand for pangasius will increase, making China a highly promising market for pangasius businesses in 2023.
• Tuna: Tuna is another significant seafood product that Vietnam exports to China. However, the data for tuna exports to China in 2023 and 2024 is not readily available.
• Crab: Crab exports from Vietnam to China have been increasing. In 2023, China imported more than 134 million USD of Vietnam’s crab, down 19% compared to the same period in 2022. After many months of decline, in September 2023, Vietnam’s crab exports to China recorded positive growth again

South Korea: The Fifth Largest Seafood Import Market from Vietnam

South Korea, with its rich culinary tradition and high demand for seafood, is the fifth-largest importer of Vietnamese seafood. As of November 30, 2022, Vietnam’s seafood exports to South Korea reached over $877 million, up 21.6% from the same period last year. Shrimps, cuttlefish, octopus, and tuna are the top products exported to Korea

Despite some fluctuations in 2023, Vietnam’s seafood exports to South Korea have shown signs of recovery. The South Korean market continues to be significant for Vietnam’s seafood industry. The demand for seafood in South Korea is forecasted to grow by an average of 8.9% per year in the period 2023–2033. This growth presents a promising opportunity for Vietnamese seafood exporters.

Conclusion

In summary, the largest seafood import markets from Vietnam present a dynamic and growing industry with vast potential. The United States, Japan, the European Union, China, and South Korea have shown a strong demand for Vietnamese seafood, particularly for value-added products.

If you are looking for reputable top seafood exporters from Vietnam, you can visit the Freshdi.com website. We are the first B2B platform in Vietnam that connects sellers and exporters in the agricultural, forestry, and seafood sectors in Vietnam with international buyers.