Vietnam’s seafood exports posted a solid recovery in the first quarter, reaching $2.64 billion, up nearly 8% year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

In March alone, export revenue rose to $927 million, an increase of more than 5% compared to the same period last year.

China and Hong Kong (China) remained the largest importers of Vietnamese seafood in the three-month period, with combined turnover of $764 million, surging nearly 45% year-on-year.

Le Hang, Deputy Secretary General of VASEP, said China and Hong Kong are expected to remain the main drivers of Vietnam’s seafood export growth in the second quarter. However, she noted that growth is likely to moderate compared to the first quarter due to the fading of seasonal factors.

Instead, export performance will depend more on underlying consumer demand and the ability of Vietnamese businesses to maintain market share amid intensifying competition.