Vietnam's Scallop Exports Surge in 2024: Year-on-Year Jump Over 200%, Ranking Top 3 Among Mollusk Exports

Vietnam's aquatic product foreign trade saw another star category in 2024. Scallop exports registered explosive growth with a remarkable year-on-year increase. Scallops have become Vietnam's third-largest exported mollusk after clams and snails, and the country is rapidly expanding its share in the global shellfish market.

I. Soaring Export Figures: Monthly Volume Skyrockets 17 Times Year-on-Year

Driven by strong global market demand, Vietnam delivered an outstanding performance in scallop exports throughout 2024:

• Its export revenue hit over 8 million US dollars in October alone, surging 1700% year-on-year.

• The total export value from January to October exceeded 31 million US dollars, representing a sharp rise of 206% compared with the same period last year.

With more than double growth within ten months and a dramatic monthly surge, scallops have emerged as one of the fastest-growing aquatic export products in Vietnam.

II. Global Market Layout: Sold to Over 20 Countries, the US and Japan as Major Markets

Currently, Vietnamese scallops are exported to more than 20 countries and regions worldwide. The United States, Japan and Denmark are its three core importing markets with distinct market performances.

The US Market: From Negligible Orders to Rapid Expansion

Vietnam only received sporadic small orders for scallop exports to the US in 2023 with no large-scale trade. A transformative breakthrough was achieved in 2024, as orders expanded month by month and gradually stabilized.

In the first ten months of 2024, Vietnam's scallop export revenue to the US surpassed 11 million US dollars, 131 times the figure of the previous year. The US has now become Vietnam's largest overseas market for scallops.

The Japanese Market: Sharp Import Growth Fueled by Processing Cooperation

Japan also recorded robust growth, with Vietnam's scallop export value to the country jumping 312% from January to October.

The major driver behind the growth lies in the change of import policies. After the discharge of Fukushima nuclear-contaminated water in August 2023, China tightened imports of Japanese aquatic products. Against this backdrop, Japan accelerated the diversification of its import channels. Boasting sophisticated aquatic processing capacity, Vietnam has become a key partner for Japanese enterprises.

Since early 2024, Japan has launched a pilot program: transporting Hokkaido scallops to Vietnam for processing before reselling the finished products back to Japan. The trial processing of the first batch of 20 tons of shell-on scallops was a complete success. This new model — raw material export, local processing and re-export — has boosted Vietnam's scallop exports and brought new opportunities to its domestic aquatic processing industry.

The Danish Market: The Only Core Market with Declining Imports

Unlike the booming trade with the US and Japan, Vietnam's scallop exports to Denmark have declined. Though an exception among major markets, this drop has not dragged down the overall export performance.

III. Industry Outlook

Benefiting from a complete processing industrial chain, cost advantages and rigid demand from the US and Japanese markets, as well as the dividends brought by Japan's transfer of scallop processing business overseas, industry insiders predict that Vietnam's scallop exports will maintain rapid growth in the future. The country will continue to capture a larger share of the global shellfish market, and scallops will evolve into a new growth driver for Vietnam's aquatic product foreign trade.

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