GENERAL INFORMATION

In Vietnam, the fishery sector plays an important role in the national economy, accounting for about 4-5 percent of Gross Domestic Product (GDP) and about 9-10% of national export revenue.

More than 4 millions of people working in the fishery and the growth in production have attributed to the fish exports. Thanks to strongly increase in many years, Vietnam ranks among the top ten seafood suppliers and its seafood products are exported to 170 markets in the world.

Shrimp, pangasius, tuna, squid and octopus are main seafood products exported by the country. In which, shrimp exports create about US$ 3.5 – 4 billion, make up 46-50% of the total seafood sales of Vietnam. Earnings from pangasius reached at US$ 1.7 – 1.8 billion (25% of the total) and exports from Tuna and Cephalopods are US$ 450 – 550 million for each.

Exports to the U.S, Japan, EU, China and South Korea make up 75% of Vietnam’s seafood sales to the wolrd.

5 advantages for Vietnam seafood exports:  

(1)  High commitment and participation from Government, Industry and companies for food safety, environment  and social responsibility;

(2)  Able to supply the big volume and safe quality and stable seafood products;

(3)  Meet all the customers’ requirements, incl. the vertical linkage (integration) for each species sector;

(4)  Vietnam is one in few countries in the world which has the good and stable labor resource; 

(5)  Vietnam has Agreements / FTAs with many countries and territories and has advantages both in product quality and im-ex tax.  

Export potentials

(seafood.vasep.com.vn) In Q2/2022, Vietnam's exports of fish cakes and surimi decreased continuously in the first 2 months of the quarter. Export value of fish cakes and surimi of Vietnam in Q2/2022 decreased by 3%, reaching 107 million USD.

(seafood.vasep.com.vn) FIMEX VIETNAM (HoSE: FMC) - a member unit of the PAN Group (HoSE: PAN) announced that sales of processed shrimp products in 7 months of 2022 reached 12,889 tons, an increase of 5.7%.

(seafood.vasep.com.vn) From the 4th position in Vietnam's pangasius import markets in 2021, this year Mexico has risen to the 3rd market, after China and the US. In the first 7 months of 2022, pangasius exports to this market grew by 73%, reaching 73.5 million USD, accounting for 4.5% of Vietnam's pangasius exports.

(seafood.vasep.com.vn) By mid-July 2022, Vietnam pangasius exports to the EU market reached nearly 122 million USD, an increase of 91% compared to the same period in 2021 and surpassed pangasius turnover in 2021 to this market ($106 million). This is a good sign for the pangasius industry after a long period of continuous decline in exports to the EU from 2010 onwards.

(seafood.vasep.com.vn) The USD is increasing in value, causing the JPY and EUR to depreciate too much against the USD. This may cause disturbances in the world currency market and affect the import and export of goods, including seafood of Vietnam.

(seafood.vasep.com.vn) In June 2022, Vietnam's total exports of marine products reached over 377 million USD, rising 32% to the same period in 2021. In the first 6 months of 2022, Vietnam's exports of marine products reached more than 2 billion USD, up 26% over the same period last year. Currently, marine products exports account for 35% of the country's total seafood export value.

(seafood.vasep.com.vn) In the first 6 months of 2022, the total value of Vietnam pangasius exports to China - Hong Kong reached US$427.6 million, up 107% over the same period last year. TG Fishery Holdings Corporation (TG Corp); International Development and Investment Corporation (IDI Corp); CADOVIMEX II Seafood Import-Export and Processing Joint Stock Company are the three enterprises with the largest export value to this market.

(seafood.vasep.com.vn) The 2021 is a challenging year for Vietnamese tuna exporters to Egypt because of Egyptian government’s measures to prevent the covid 19 pandemic. Egypt's economy was severely damaged, demand for food consumption decreased along with the policy of reducing imports and increasing exports to narrow the trade deficit had created an unfavorable condition for Vietnam tuna exporters. Vietnam's tuna exports to Egypt in the year are unstable, falling for many months compared to the same period in 2020.

(seafood.vasep.com.vn) According to Mr. Nguyen Van Dao - General Director of Go Dang Joint Stock Company (GODACO), in the first half of 2022, export turnover, export volume and revenue of the company are about the same as the first half of 2021.

(seafood.vasep.com.vn) In the first 6 months of 2022, Dong Thap Province’s exports of seafood products and rice had impressive growths. The traditional markets are maintained and strengthened while a new trend of shifting markets (from Asian market to Europe) appeared.

(seafood.vasep.com.vn) In Q1/2022, Bentre Aquaproduct Import and Export JSC (HOSE: ABT) recorded a revenue of 133 billion VND (up by 109% over the same period) and profit of 7.7 billion VND (down 54% over the same period). Gross profit margin improved significantly from 14.3% in Q1/2021 to 20.2% in Q1/2022 due to sharp increase in selling prices; however, transportation costs tripled during the Q1/2022, leading to a shrink in net profit.

(seafood.vasep.com.vn) For the first time this year, after continuously growing positive double digits in the previous 5 months, Vietnam shrimp exports in June recorded negative growth. Vietnam’s shrimp export value decreased slightly by 1% to nearly 416 million USD. Accumulating 6 months, Vietnam’s shrimp export reached 2.3 billion USD, an increase of 31% over the same period last year.

(seafood.vasep.com.vn) After two year of suffering the severe damage from the impact of Covid-19 pandemic, a series of enterprises and corporations had to go bankrupt. In that challenging situation, IDI Corp maintained its business and turned all the difficulties into advantages.

(seafood.vasep.com.vn) After the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect from January 2019, Vietnam’s tuna export turnover to Chile has prospered. Even when the outbreak of the Covid-19 pandemic hindered tuna export to other markets, Vietnam’s tuna export to Chile still maintained the growth. Vietnam tuna exports to Chile increase continuously in the first 5 months of 2022.

(seafood.vasep.com.vn) Vietnam's shrimp exports to the EU as of June 15, 2022 reached US$338 million, up by 51% over the same period last year. Shrimp exports to this market grew quite steadily, ranging from 34%-83% in the first months of this year.


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