The impact of inflation and the global economic recession caused the import demand of cephalopods from major consuming markets around the world to fall.
Cephalopods exporters continue to face many difficulties in terms of raw materials and high input costs. The Russia-Ukraine conflict disturbs global trade, and the high price of gasoline makes the cost of fishing trips difficult for fishermen. In addition, the IUU yellow card that has not been removed is still a challenge for cephalopods exports.
In the structure of exported cephalopod products, squid accounted for 54.4%, octopus accounted for 45.6%. In the first quarter of 2023, the value of squid exports decreased by 12%, octopus exports decreased by 11% compared to the same period in 2022.
In the first quarter of 2023, Vietnam's cephalopod products were exported to 43 markets, a decrease compared to 47 markets of the same period in 2022.
The top 10 largest import markets of Vietnam's this product include South Korea, Japan, Thailand, China & HK, Italy, Malaysia, Spain, France, the Philippines, and Taiwan, accounting for 91% of the total cephalopod exports.
Japan, Thailand, and South South South South Korea are the 3 largest squid import markets of Vietnam, accounting for 25.2%; 17.4% and 16.2% respectively. Squid exports to Japan in the first quarter of 2023 increased by 12% while to Thailand and South Korea decreased by 10% and 3% respectively.
South Korea, Japan and the US are the three largest Vietnamese octopus importers, accounting for 59.4%; 29.2%; 2.2% respectively. Octopus exports to these three markets all decreased in the first quarter of 2023.
South Korea is still the largest import market of Vietnam's cephalopods, contributing 36% to the total export value. In the first quarter of 2023, the export of cephalopods to South Korea reached nearly 50 million USD, down 10% compared to the same period in 2022.
Octopus is Vietnam's main export product to this market, accounting for 75.7%, squid only occupied a small proportion of 24.3%. In which, frozen octopus products account for 71% of the total export value of cephalopods products. Processed octopus recorded good export results with a growth of 73% in this period.
South Korea mainly imports from Vietnam frozen octopus cut, cleaned and frozen whole octopus, dried peeled squid, and frozen squid .
Japan is the second largest single octopus importer of Vietnam, accounting for 27%. Compared to the South Korean market, Vietnam's cephalopods exports to Japan have more positive signals. In the first quarter of 2023, exports to this market reached 37 million USD, up 4% over the same period in 2022.
Japan's domestic production of cephalopods has been decreasing while Japan's demand has increased for instant, convenient products due to modern, busy lifestyles and little cooking time. This will positively affect Vietnam's cephalopod exports to Japan.
In the structure of Vietnam's squid and octopus products exported to Japan, the proportion of squid and octopus exports is almost the same when squid accounts for 49.3% and octopus accounts for 50.7%.
In the first quarter of 2023, octopus exports to Japan increased by 12% while squid exports decreased slightly by 3%. Notably, the export of processed squid increased by 41% to 2 million USD; however, dried, grilled squid dropped sharply by 100%.
Compiled by Thuy Linh
(seafood.vasep.com.vn) Speaking at the Opening Ceremony of VIETFISH 2026 on August 19 at the Saigon Exhibition and Convention Center (SECC), U.S. Consul General Melissa Brown highlighted the important role of the exhibition in connecting Vietnam’s growing seafood industry with buyers, suppliers, and partners from the United States and around the world.
(vasep.com.vn) Tomorrow, August 19, 2026, the Vietnam International Seafood Exhibition – Vietfish 2026 will officially open at the Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City. Taking place over three days, from August 19–21, Vietfish 2026 promises to provide a dynamic platform for business networking, trend updates, product experiences and comprehensive cooperation across the domestic and international seafood community.
(vasep.com.vn) The global tilapia market continues to grow, creating significant opportunities for countries with strengths in aquaculture, processing, and exports. Against this backdrop, Vietnam’s tilapia industry is gradually developing toward higher quality, greater product diversification, and broader market reach. At Vietfish 2026, the Vietnam Association of Seafood Exporters and Producers (VASEP), together with the VASEP Tilapia Producers and Exporters Club, will host a joint booth to promote the image and potential of Vietnamese tilapia to domestic and international buyers.
(seafood.vasep.com.vn) Vietnam’s seafood exports are heading towards $12 billion this year, potentially the highest level on record. Yet one of the country’s export strengths is facing a growing list of challenges.
(seafood.vasep.com.vn) The first six months of 2026 indicate that Vietnam’s tilapia industry is entering a new phase of development, with strong export growth but also greater demands for production scale, quality and international competitiveness.
(seafood.vasep.com.vn) Vietfish 2026, the Vietnam International Seafood Exhibition, will officially take place from 19–21 August 2026 in Ho Chi Minh City. As Vietnam’s largest annual seafood trade event, organized by the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietfish 2026 will once again bring together leading seafood companies, industry experts, and international partners from across the global seafood value chain.
(seafood.vasep.com.vn) Vietnam’s seafood exports reached USD 1.1 billion in July 2026, up 4.8% compared to the same period in 2025. Cumulative exports in the first seven months of the year totaled nearly USD 6.86 billion, an increase of 11.5% year-on-year. Exceeding the USD 1 billion mark in July further reinforces the prospect that Vietnam’s seafood exports could surpass USD 12 billion in 2026. However, the July figures also send a clear signal that the most favorable growth period may have passed: overall export growth slowed to just 4.8%, pangasius exports fell 6.1%, tuna exports were virtually flat, while exports to the EU, South Korea, and the Middle East all recorded double-digit declines.
(vasep.com.vn) As part of the Vietnam Fisheries International Exhibition (Vietfish 2026), the seminar "Global Seafood Market and the Future Workforce: Trends, Opportunities, and Sustainable Development Pathways for Vietnam's Seafood Industry" will take place from 2:00 p.m. to 4:15 p.m. on August 19, 2026, at Convention Room B, Level 2, SECC, Ho Chi Minh City. This is the first of five specialized seminars at Vietfish 2026, focusing on key issues that are shaping the long-term development of Vietnam's seafood industry.
(seafood.vasep.com.vn) Vietnamese seafood exports recorded impressive growth, generating nearly 6 billion USD in revenue during the first six months of the year, up 13% compared with the same period last year.
(seafood.vasep.com.vn) Fishermen in Ha Tinh are gradually overcoming difficulties to maintain the efficiency of seafood exploitation. In the first six months of 2026, the entire province achieved a production of more than 23,000 tons of seafood, worth more than 1,200 billion VND.
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