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Vietnam seafood exports to ASEAN to eye US$1 billion
July 21, 2018, 02:35 PM
(seafood.vasep.com.vn) Over the past 20 years, ASEAN has been a major seafood trading partner of Vietnam. According to statistics of Vietnam Customs, ASEAN is always put in the top 10 leading seafood importing markets of Vietnam. Vietnam's total seafood export turnover to ASEAN has increased by nine times after 23 years that Vietnam became a membership of the block. In the coming time, exports to the region expected to hit US$1 billion thanks to favorable geographical, cultural and economic conditions.

Market potential

Fish consumption in the ASEAN region is projected to rise from 24.5 million tons in 2015 to 36.9 million tons in 2030 and then reach 47.1 million tons in 2050, while per capita fish consumption is expected to increase from 38.4 kg in 2015 to 51.5 kg in 2030 and then 61.5 kg in 2050.

Over the past 20 years, Vietnam's seafood exports to ASEAN have been fluctuating, but have been on the rise for the last 10 years. Vietnam's seafood exports to ASEAN have increased from US$66 million in 1998 to US$612 million in 2017.

Vietnam's seafood exports to ASEAN

Over the past 20 years, Vietnam's seafood exports to ASEAN increased from US$66 million in 1998 to US$612 million in 2017.

By the end of 2017, Vietnam's seafood products have been exported to all 9 ASEAN countries. Thailand, the Philippines and Singapore were the 3 biggest importers of Vietnamese seafood products, accounting for 82-96% of the total seafood export value to ASEAN.

Thailand held as the largest seafood importer of Vietnam in ASEAN. Vietnam's seafood exports to the market in the past 20 years increased continuously, and has increased nine-fold. Specifically, in 1998 total seafood export turnover of Vietnam reached only US$27 million, accounting for 41% of total value of seafood exports to ASEAN. By 2017, the figure has increased to US$248 million, up 816% from 1998.

The Philippines was currently the second largest seafood buyer of Vietnam. Vietnam's seafood products have been approaching this market since 1999. Then, Vietnam's seafood exports to the Philippines have increased steadily. Sales to the Philippines over the past 19 years increased from US$63,000 to US$132 million.

Singapore ranked the 3rd in top leading importers of Vietnam seafood. However, from 1998 to 2016, exports to Singapore is always took the largest proportion in ASEAN. But from 2011 to 2017, with the continuous growth, Thailand has overtaken Singapore as Vietnam's largest seafood importer in ASEAN.

In terms of products, marine products currently accounted for a large proportion of Vietnam's seafood exports to ASEAN. In particular, marine finfish is the main product line of Vietnam exported to the market, followed by cephalopod. From 1998 to 2017, Vietnam's exports of marine finfish to ASEAN increased continuously. The export value increased from US$8 million in 1998 to US$289 million in 2017. Fresh/frozen marine finfish was the key product shipped to the market.

Meanwhile, from 1998 to 2008, Vietnam’s cephalopod exports to the region tended to decrease. But from 2009 to 2017, exports to ASEAN increased continuously. The export value of Vietnam cephalopod to ASEAN in the past 20 years has increased from US$7 million to US$71 million. In particular, dried/grilled squid was the main export item to this market, accounting for 85% of the total export value of cephalopod to ASEAN.

Pangasius ranked the second. In the period of 1998-2001, Vietnam’s pangasius exports to ASEAN stayed very low. From 2002 onwards, thanks to the increasing demand for aquaculture in this market, together with the growing sector of Vietnam pangasius industry, pangasius exports to ASEAN continued to grow. Vietnam’s pangasius exports to ASEAN have gone up from US$1.7 million in 1998 to US$143 million in 2017. The frozen pangasius fillets (HS code 0304) kept as the main export product to this market.

Shrimp currently ranked the third in top main seafood itmes exported to ASEAN. In the past 20 years, shrimp exports to this market fluctuated. The year 2004 was the most successful year of Vietnamese shrimp in Asean market with US$93 million.

As of 31st December 2015, the ASEAN Economic Community (AEC) was established. Vietnamese seafood processing companies can take advantage to increase their exports in this common market.

Other news
An Giang: Farming quality pangasius for exports (06/11/2019) Cephalopod exports decreased 10% in Jan-Sep 2019 (01/11/2019) Tuna exports dropped by 2.4% in September (30/10/2019)
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