Following a significant drop last year, the quantity of lobsters imported from Vietnam to China has quickly recovered to healthy levels, underscoring a rebound in lobster imports.

In the first nine months of this year, China's lobster imports from Vietnam increased 33 times compared to the same period last year. Despite a lag in overall consumption, the low prices and stronger trade ties have met China’s immense demand for this crustacean.

According to statistics from the General Administration of Customs of China, the total value of lobster imports from Vietnam reached $205.87 million from January to September this year, marking a 3285% increase compared to the first nine months of last year and accounting for 37% of total lobster imports.

In September, the volume of lobsters imported by China from Vietnam surged by 133.9% month-on-month and 2336% year-on-year, further emphasizing the importance of Vietnamese lobsters in China's lobster imports market.

The total lobster import volume increased by 40.86% year-on-year, reaching $558.24 million, while the import price decreased by 23%.

Analysts suggest that, despite overall consumer spending hesitancy in China, this surge indicates a continued desire for high-end food products. Additionally, due to differences in labor and transportation costs, Vietnam offers relatively low lobster import costs.

Zhao Xijun, a finance professor at Renmin University of China, stated, “Consumption may be weakening, but there is a segment of wealthy consumers who remain unaffected.”

With domestic aquaculture unable to produce enough seafood to meet the country’s demand and Vietnam’s products being cheaper, Zhao Lijian noted that increasing lobster imports from Southeast Asian neighbors is a straightforward solution to the shortage.

These figures contrast sharply with consumer confidence—affected by an ongoing real estate crisis, consumer confidence weakened in August compared to July—although retail sales rose 3.2% from September 2023.

Analysts point out that Vietnam shares a 1,281-kilometer land border with China, leading to lower transportation costs compared to more distant exporting countries like Australia and Canada, making Vietnamese lobster imports more competitive.

“I think it all boils down to cheap, cheap, cheap,” said Frederick Burke, a representative of the American Chamber of Commerce in Vietnam and a member of the Vietnam Business Forum Management Committee.

Jack Nguyen, CEO of professional services company InCorp, added that these crustaceans can be delivered fresh within a day, making them a viable option for discerning Chinese consumers seeking high-quality lobster imports.

The Vietnam Association of Seafood Exporters and Producers, based in Ho Chi Minh City, reported that after a supply halt on Chinese menus, Vietnamese lobsters returned to those menus last year.

The organization stated that in October 2023, China stopped importing the once-popular Vietnamese thorny lobster due to potential conflicts with wildlife protection laws, which impacted lobster imports.

Consequently, customs data showed a rapid decline in Vietnam's lobster import market share in China—from 38.83% in 2022 to just 1.7% last year.

Fong Thi Kim Thu, the executive editor of the trade organization, noted that with the easing of the pandemic, China generally relaxed its seafood import regulations, including lobster imports.

Thu remarked that subsequent bilateral agreements, along with the trade liberalization rules of the Regional Comprehensive Economic Partnership (RCEP), helped "facilitate" the expansion of lobster exports. Both China and Southeast Asia are part of RCEP, which has positively influenced lobster imports from Vietnam.

Bilateral trade relations can sometimes be tested by maritime sovereignty issues, but in November, China’s Minister of Commerce Wang Wentao met with Vietnamese Prime Minister Pham Minh Chinh, further enhancing bilateral trade relations. Talks held in Vietnam are expected to assist in the shipment of what Wang called "high-quality" Vietnamese products, including lobsters.

China will also resume lobster imports of Australian lobsters. At a recent ASEAN Regional Forum in Laos, Beijing and Canberra agreed to lift nearly four years of bans on Australian lobster imports by the end of this year.

In 2019, over half of the lobsters imported by China came from Australia, highlighting the significance of Vietnamese lobster imports in light of this competition.

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