Another Seafood Product From Vietnam, Exports To China Have Skyrocketed! The Growth Rate Actually Reached 503%!

Scallop export is one of the important areas of Vietnam's seafood products industry, especially to the Chinese market. In recent years, Vietnam's scallop exports to China have recorded incredible growth rates.

1. Export markets for Vietnamese scallops:

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam's shellfish exports achieved impressive growth in October 2024, especially scallops. Specifically, Vietnam's shellfish exports reached US$173 million, an increase of 58% compared with the same period in 2023.

In particular, China has become an important market for Vietnamese scallops, with scallop imports from Vietnam increasing by 503% compared with 2023. The reason for the rapid growth of Vietnamese scallop exports through China is a noteworthy issue for us.

2. The Chinese market has stopped importing scallops from Japan:

One of the main reasons for the rapid growth of Vietnamese scallop exports to China is that China stopped importing seafood from Japan after the wastewater discharge incident at the Fukushima Daiichi Nuclear Power Plant in Tokyo in August 2023. Previously, China imported a large amount of scallops from Japan, processed them, and then exported them to the United States and other countries. However, supply chain disruptions have created huge opportunities for other exporting countries, especially Vietnam.

According to information from NNA Asia (Kyodo News), about 30% of Japan's scallop production was previously exported to China. After the Fukushima incident, China looked for alternative sources of supply, with Vietnam becoming an ideal destination due to its low labor costs and high seafood processing capabilities.

3. Vietnam has low production costs and competitive advantages:

Vietnam's labor costs are only 20%-30% of Japan's, which has a clear competitive advantage in exporting scallops to China. Japanese companies have begun cooperating with Vietnamese seafood processing plants to produce scallops, which will help increase supply and reduce costs.

Vietnam has also attracted seafood processing companies from Hokkaido (the main production area of ​​Japanese scallops) to Vietnamese processing plants for processing, transferring technology and increasing exports to China. This has promoted the increase in Vietnamese scallop exports to China.

4. Seafood consumption demand in China and other markets:

In addition to supply factors, China's demand for scallops is also an important factor driving the increase in exports. China has a high demand for seafood products, especially scallops, as prepared foods and processed ingredients. In addition to the Chinese market, Vietnamese mollusk products also enjoy strong consumption in other markets such as the European Union, especially after inflation in the EU showed signs of recovery.

VASEP predicts that demand for shellfish will continue to increase, especially as demand for natural foods increases. This has created huge opportunities for Vietnam to promote the export of seafood products, especially scallops.

5. China - potential seafood market:

Scallops are imported from China not only to meet domestic demand but also for re-export to other markets. This makes China a huge potential market for Vietnamese seafood processing companies. In 2024, Vietnam's scallop exports to China will increase by 503%, proving that China is an important strategic partner of Vietnam's seafood products industry.

According to VASEP forecasts, Vietnam's mollusk exports will reach US$1.2 billion in 2024, an increase of 20% from 2023. Products such as clams, oysters, and especially scallops will continue to be the main products, making a huge contribution to Vietnam's mollusk exports and helping to develop Vietnam's seafood product export industry. Vietnam has huge production potential (more than 41,500 hectares of mollusc farming area) and sufficient raw material resources to meet the growing demand of the Chinese market and other countries.