On July 14, the JPY fell to a new 24-year record low against the US dollar. The main reason why the JPY fell sharply against the USD was because investors were worried that the interest rate gap between the two economies would widen if the Fed continued to raise interest rates.
The Euro also saw the first time in 20 years fall to parity with the US dollar. One of the reasons for the Euro's depreciation was the sharp increase in gas prices and the uncertainty surrounding energy supplies from Russia related to the conflict in Ukraine, causing recession in the Euro area. While the US Federal Reserve Bank (Fed) raised interest rates strongly to reduce inflation, the European Central Bank (ECB) has not made similar decisions.
Depreciation of Euro affect the import demand of seafood from Vietnam
When the Euro depreciates against the USD, although Vietnamese enterprises are not affected because most of Vietnam import and export transactions use USD, the profits of buyers decrease so they can reduce demand for Vietnamese exporters. Besides, when the local currency weakens, imported goods become more expensive, European consumers will consider spending, choosing necessities with affordable prices, which reduces demand.
The JPY fell to a 24-year low against the dollar. There has been a situation where Japanese importers proposed to renegotiate import prices to compensate for their losses when the JPY depreciated. Besides, there is a situation where the customer has signed a contract before, but negotiates to receive the goods slowly. Having suffered a lot when the local currency depreciates, Japanese importers will also adjust their plans and import demand during this period.
Another concern is that when the USD appreciates, the cost of importing raw materials will also increase. This will affect Vietnamese enterprises, who is importing raw materials for processing and exporting.
Accounting for 14% of Vietnam's total seafood export turnover, Vietnam's seafood exports to Japan in the first half of this year reached over 800 million USD, up 18% over the same period.
Under inflationary pressure, seafood prices in Japan have continuously increased in recent years. Moreover, the JPY depreciated, falling to the lowest level in 24 years, making Japanese consumers have to consider and tighten their spending, so it is difficult for seafood exports to this market to have significant breakthroughs from now until the end of the year.
Accounting for 12% of Vietnam's total seafood export turnover, seafood exports to the EU market in the first half of 2022 reached over 688 million USD, an increase of more than 41% over the same period last year. After increasing by 58% in the first quarter, seafood exports to the EU in the second quarter also slowed down, up 31% to reach 390 million USD.
In the context of fluctuations in exchange rate, Vietnam seafood exporter should carefully choose the payment currency
The EU is also a market with high inflation in the first half of this year. The record inflation of 8% in the second quarter shows that the EU's trade is in crisis, after Covid and especially after trade sanctions with Russia due to the conflict in Ukraine. Inflation cast a shadow over the Eurozone economy, reducing consumption demand of Europeans.Therefore, high-priced seafood products will be on the list that consumers must consider to reduce.
In the current situation of the world commodity market and foreign exchange market with many fluctuations, export enterprises must pay attention to the exchange rate between VND and foreign trade payment currencies, in order to choose the market export, import and choose a payment currency that is most beneficial.
The close cooperation of the government, ministries, branches and banks in flexibly directing, implementing prudent monetary policies, adjusting exchange rates, and reasonably stable interest rates is always very necessary for businesses in the current unpredictable situation.
Compiled by Thuy Linh
The Vietnam Association of Seafood Exporters and Producers (VASEP) officially announces that the Vietnam International Seafood Exhibition (Vietfish 2026) will take place from August 19–21, 2026, at the Saigon Exhibition and Convention Center (SECC), Ho Chi Minh City.
(seafood.vasep.com.vn) Vietnam’s seafood exports recorded strong growth in the first half of 2026, but the performance was increasingly uneven across products, markets and enterprises. VASEP’s newly released premium report provides the detailed data and analysis needed to understand what lies behind the headline figures and prepare for the more challenging months ahead.
(seafood.vasep.com.vn) Brazil remains one of the key markets for Vietnamese pangasius in South America. However, exports to the market showed signs of slowing in the first half of 2026, while frozen pangasius fillets continued to account for the overwhelming majority of exports.
(seafood.vasep.com.vn) Marking 27 years of supporting Vietnam’s seafood industry, the Vietnam International Seafood Exhibition (VIETFISH 2026) will officially return from August 19–21, 2026, at the Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City, on its largest scale ever. Under the core theme “Innovation – Sustainability,” the event promises to provide a comprehensive picture of the transformation of Vietnam’s seafood industry toward greater value addition and sustainable development.
(seafood.vasep.com.vn) With less than three weeks remaining, the Vietnam Fisheries International Exhibition – Vietfish 2026 will officially take place from August 19–21, 2026, at the Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City. Under the theme "Innovation – Sustainability," Vietfish 2026 will provide a comprehensive networking platform for seafood businesses, buyers, distributors, industry experts, government agencies, and domestic and international visitors.
(vasep.com.vn) As part of the Vietnam Fisheries International Exhibition – Vietfish 2026, the technical seminar “Green and Sustainable Technology Solutions for the Aquaculture and Seafood Processing Value Chain” will take place from 09:30 to 11:45 on August 20, 2026, at Convention Room B, Level 2, SECC, Ho Chi Minh City. The seminar is jointly organized by VASEP, the Department of Fisheries and Fisheries Surveillance, and the Royal Norwegian Embassy in Vietnam, focusing on technological innovation and sustainable transformation across Vietnam’s seafood value chain.
(seafood.vasep.com.vn) Market fluctuations, rising production costs, and increasingly stringent requirements from export markets are placing growing pressure on the shrimp industry. In response, Vinh Long Province is promoting high-tech shrimp farming integrated with production–consumption value chains to improve efficiency, reduce risks, and enhance the industry's value.
(seafood.vasep.com.vn) Vietnam's tilapia exports to Japan posted strong growth in the first half of 2026, while a promising new trend has emerged in the value-added product segment. Notably, Vietnamese tilapia fillets have been exported to Japan for use in sushi and sashimi, creating new opportunities to enhance the value of the industry in one of the world's most demanding seafood markets.
(seafood.vasep.com.vn) After a relatively sluggish first quarter, Vietnam's exports of fish cakes and surimi showed a clearer recovery in the second quarter, particularly in June. Export value in the first six months of 2026 reached USD 148 million, down 2% year on year. However, the newly imposed 12.5% additional U.S. tariff on Vietnamese goods, intensifying competition in Northeast Asia, and increasingly stringent traceability requirements in the EU are making the outlook for the second half of the year more uncertain.
(seafood.vasep.com.vn) In June 2026, Vietnam's shrimp exports reached nearly USD 458 million, up 24% year-on-year. In the first six months of 2026, export value totaled USD 2.35 billion, an increase of 14.2% compared with the same period last year. Growth was driven mainly by the Chinese market and the strong performance of lobster exports, while shrimp exports continued to face pressure from U.S. tariffs and rising logistics costs.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
Chịu trách nhiệm: Ông Nguyễn Hoài Nam - Phó Tổng thư ký Hiệp hội
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Trưởng Ban Biên tập: Bà Phùng Thị Kim Thu
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Tel: (+84) 28.628.10430 - Fax: (+84) 28.628.10437 - Email: vasephcm@vasep.com.vn
VPĐD: số 10, Nguyễn Công Hoan, Ngọc Khánh, Ba Đình, Hà Nội
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