Vietnam's seafood exports reach $927 million in March 2026, growth slows from the first two months of 2026

Vietnam’s seafood exports continued to rise in early 2026, with March shipments reaching about $927 million, according to the Vietnam Association of Seafood Processing and Exporters (VASEP). The figure was up more than 5% year on year. For the first quarter (Q1), cumulative exports totaled about $2.64 billion, up around 8% year on year.

China and Hong Kong drive Q1 growth

In Q1 2026, China and Hong Kong remained Vietnam’s largest seafood markets, with exports totaling around $764 million, up nearly 45% from the same period a year earlier.

VASEP attributed the growth momentum from China in Q1 to three main factors: seasonal demand tied to Lunar New Year consumption, tariff and supply-related market gaps, and Vietnam’s geographic proximity and supply-chain flexibility.

Seasonality linked to Lunar New Year

VASEP said the 2026 Lunar New Year fell in mid-February, boosting demand for seafood imports from late last year into early Q1. Higher-end products, including whole shrimp and live seafood, recorded sharp increases, particularly live lobster.

March exports to China accelerate

In March 2026, seafood exports to China reached more than $250 million, up over 50% year on year. VASEP noted that this represented the strongest growth among Vietnam’s core markets and helped sustain overall positive export performance despite declines in large markets such as the US, Japan, and Korea.

Demand in China remained robust, especially in mid-to-high-end segments. VASEP also cited data showing China increased lobster imports in the first two months of the year by about 18%. The association said tariff changes and supply from Canada created a market gap, opening opportunities for alternative suppliers, including Vietnam.

Proximity and rapid response support

VASEP further pointed to geographic proximity and supply-chain flexibility. With Vietnamese enterprises able to respond quickly to short-term market upswings, they could benefit during peak consumer periods.

Growth partly seasonal; recovery uneven across segments

While Q1 growth was strong, VASEP said it may be time-bound. Some of the higher values reflected stocking and seasonal effects rather than a fully sustainable growth trend, underscoring the need to distinguish seasonal gains from underlying demand when assessing the outlook for coming months.

The China-led demand also shaped the sector’s growth structure in Q1. In shrimp, growth was driven mainly by lobster, a high-value item heavily dependent on the China market. By contrast, white-legged shrimp—Vietnam’s main product for markets such as the US and the EU—remained flat, indicating an uneven recovery across segments.

Pangasius shows momentum

For pangasius, China remained the largest consumer market, helping sustain stable growth even as other markets showed more caution. In other seafood groups, products such as crabs and mollusks also benefited from demand in Asian markets, with China playing a key role.

VASEP highlighted pangasius as an emerging bright spot. After exports reached about $99 million in 2025, up 141% from the previous year, Q1 2026 exports rose to about $35 million, up roughly 190% year on year. The association said this suggests potential to expand beyond traditional export items if market opportunities are effectively leveraged.

Outlook for Q2: more demand-driven, less seasonal

Looking ahead to Q2 2026, VASEP expected growth to be more “real” and less driven by seasonal factors. While China is likely to remain the main growth engine, other major markets have not yet shown substantial pull.

Growth will depend more on actual consumer demand and Vietnam’s ability to maintain market share amid rising competition. VASEP said segments that meet “value-for-money and convenience” criteria may play a more important role than high-end, seasonal products.

— Le Hang, Deputy General Secretary of VASEP.