Vietnam’s seafood exports nearing $11 bln in 2022
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Vietnam’s seafood exports this year could reach $11 billion for the first time, spearheaded by shrimp, pangasius and tuna, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Truong Dinh Hoe, VASEP general secretary, said at a conference in HCMC Saturday that by November, seafood exports had already crossed $10 billion, so by the end of the year, it could reach $11 billion for the first time.
The largest seafood export markets for Vietnam are the U.S., Japan, China and the EU. The EU, the U.S., and China account for 60% of the global seafood trade and 50% of Vietnam’s export turnover in the first ten months of this year.
Hoe said all sectors of the seafood industry grew 18-77%, but exports began to slow down amid lower purchasing power, higher interest and fluctuating exchange rates. He added that as the world enters a recession and inflation increases, demand is falling globally.
As such, Vietnam’s seafood industry would face tough competition from competitors that offer lower costs and prices, like Ecuador or India.
Economist Dinh The Hien said that the global economy would worsen in 2023, directly affecting the seafood industry.
“However, businesses shouldn’t be too pessimistic; they should search for new opportunities to grow,” he said.
Questions & Answers
Q.Which specific seafood products are driving Vietnam's export growth towards the $11 billion target?
Which specific seafood products are driving Vietnam's export growth towards the $11 billion target?
Shrimp, pangasius, and tuna are the key products spearheading Vietnam's seafood exports. These categories are contributing significantly to the anticipated record-breaking figures for the year.
Q.What are the primary challenges Vietnam's seafood industry is currently facing?
What are the primary challenges Vietnam's seafood industry is currently facing?
The industry is experiencing slowing exports due to lower global purchasing power, higher interest rates, and fluctuating exchange rates. A looming recession and increasing inflation are also reducing demand worldwide.
Q.Which countries are Vietnam's main competitors in the seafood export market?
Which countries are Vietnam's main competitors in the seafood export market?
Vietnam faces tough competition from countries like Ecuador and India. These competitors are able to offer lower production costs and consequently more attractive prices in the global market.
Q.What percentage of Vietnam's seafood export turnover comes from its largest markets?
What percentage of Vietnam's seafood export turnover comes from its largest markets?
The EU, the U.S., and China collectively account for 50% of Vietnam’s seafood export turnover. These three regions are also responsible for 60% of the global seafood trade.
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