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) Vietnam shrimp exports in July continued the trend of slow down in June, reaching 381 million USD, down 14% compared to the same period 2021. In July, among the main markets, exports to the US and China decreased 54% and 17% respectively. Shrimp exports to the remaining markets such as Japan, Korea and the EU maintained the positive growth.

(seafood.vasep.com.vn) By the end of August 2022, Vietnam's seafood exports to Russia reached over $94 million, down 20%, due to the Russia-Ukraine conflict from the end of February 2022, causing Vietnam's seafood exports in the period of March and April to be delayed. However, seafood exports to Russia are showing many positive signs.

(seafood.vasep.com.vn) Dong Thap Provincial People's Committee has just issued a plan to develop the pangasius industry until 2025. In which, 1,225 hectares of pangasius production will be produced in accordance with the GAP standard and export turnover will reach US$980 million per year.

(seafood.vasep.com.vn) Vietnam's tuna exports in July 2022 slowed down with an export value of more than 85 million USD, up 32% over the same period in 2021. This figure brought the total tuna export turnover in the first 7 months of 2022 to reach 638 million USD, up 52% over the same period in 2021.

(vasep.com.vn) Binh Dinh is holding the festival with the aim of promoting trade in tuna; introducing tuna cuisine associated with the Tuna Workshop; performing trimming and filleting tuna...

(seafood.vasep.com.vn) Vietnam's seafood exports in the first half of 2022 achieved a record high growth rate of 40%, despite global inflation and geopolitical instability. However, from July 2022, along with the difficulty of raw materials, the shadow of inflation seems to have begun to obscure the overall picture of Vietnam's seafood exports. Inflation and dollar appreciation are weighing on the seafood consumption in markets, especially large markets such as the US, EU, China, UK...

(seafood.vasep.com.vn) Thanks to the increased consumption demand of the foreign market, the seafood processing and export activities in Binh Thuan province have recovered and prospered again in the first months of 2022.

(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.


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