Exports of squid and octopus to the US market are growing at a high rate. In May 2021, Vietnam's octopus and squid exports to this market increased at a "galloping" rate of 538% from the same period a year prior.

Processing exported seafood

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), among total seafood export value in the first five months of 2021, saltwater fish products accounted for 75%, tuna 22%, and other fish products 53%. Molluscs accounted for 20%, while the remaining are crabs and other crustaceans.

Over the same period from a year before, exports of seafood product groups of Vietnam increased. Notably, exports of molluscs increased the most. The export value of squid and octopus products reached 216 million, up by 13%; bivalve molluscs reached $48 million, growing by 44%.

In terms of structure, processed mollusk products such as dried/baked squid, other processed squid, processed bivalve products, etc., were Vietnam's main export items in the past five months.

According to Nguyen Ha, a tuna market expert of VASEP, except for tuna, the five biggest seafood import markets of Vietnam included the CPTPP at 26%, South Korea accounted for 11%, the US accounted for 8%, China was 7% and the EU 5%. Compared to the same period in 2020, Vietnam's seafood exports to these five markets all increased over the same period, CPTPP increased by 7%, South Korea increased by 6%, the US jumped by 55%, China rose by 2% and the EU soared by 31%.

In the CPTPP market, Japan was the largest import market and also the largest single seafood importer of Vietnam, accounting for 20% of total value of other seafood exports of Vietnam, reaching $298 million. Over the same period the year before, the export value to this market increased only slightly at 1%. In the export market segment of squid and octopus, Japan was also the second largest single market. However, compared to the same period, Vietnam's cephalopod exports to this country decreased by 9%.

South Korea, the second largest single market in importing other seafood and the largest in importing octopus, continued to have growth in May. The value of Vietnam's seafood exports to this market in the first five months of this year topped $ 157 million, of which nearly $89 million came from the export of squid and octopus. Although Vietnam's seafood exports to this market continued to grow, the growth rate slowed.

The US is right behind South Korea in the ranking of seafood export markets of Vietnam with the value of seafood imports from Vietnam reaching more than $113 million. The expanded vaccination programme against Covid-19 and the economic stimulus package of the US government are the driving force for the recovery of seafood consumption demand, not only in the food service, restaurant and hotel segments but also in the retail segment.

This is creating favourable conditions for Vietnam's seafood businesses to boost exports to this market.