China plenty of room for Vietnam’s seafood
09:29 11/24/2023

( Seafood exports in October 2023 are estimated to reach over 863 million USD, down slightly by 5% compared to the same period in 2022. By the end of October, seafood exports earned nearly 7.5 million USD, down 20% over the same period last year.

( According to the Vietnam Association of Seafood Exporters and Producers (VASEP), there are positive indicators suggesting that seafood exports this year are expected to exceed 9 billion USD.

( Statistics from China Customs show that, in the first 8 months of 2023, the country imported over 85 thousand tons of fresh/live seafood, an increase of 16% over the same period in 2022. Average prices also increased by 15% over the same period last year. The above parameters show that China's domestic consumption in the fresh/live seafood segment has clearly recovered after the Chinese Government lifted restrictions related to the Covid epidemic.

( In August 2023, Vietnam seafood exports to many markets reached their highest level since the beginning of the year. That result is a signal that seafood exports are back on track and will gradually accelerate in the last months of the year.

( In September 2023, Vietnam's seafood exports are estimated to reach 862 million USD, equivalent to the same period in 2022. Accumulated to the end of the third quarter of 2023, seafood exports will reach over 6.6 billion USD, down 22% over the same period.

( The European Commission said it will accompany Vietnam in sustainable fisheries development. In particular, the EU wants to support Vietnam to become a world model in sustainable development of the fisheries industry and combating IUU fishing.

( Market's gradual recovery along with China's ban on seafood imports from Japan create an opportunity for Vietnam's seafood exports to "turn around" at the end of this year.

( By the first half of August, Vietnam's seafood exports reached 5.3 billion USD, down 25% compared to the same period in 2022. By August 2023, seafood exports are estimated to reach nearly 5.8 billion USD, about 25% lower than in the first 8 months of 2022.

( Due to the wastewater release, Chinese people are hesitant to consume even domestically caught seafood in some waters near Japan. Therefore, the import demand of seafood in China will increase, including Vietnam.

( Vietfish 2023's three days of bright and colorful experiences came to a conclusion with a lot of emotions and results that exceeded expectations, providing encouraging signs for seafood in the year-end time.

( VIETFISH 2023 will officially take place at the Saigon Exhibition and Convention Center from August 23 to 25, 2023, with the theme: 'Quality Connected Destination.' The event marks a 24-year journey of the VIETFISH and is also the starting point for a new and energetic journey.

( Sao Ta Food JSC (stock code FMC - HoSE) has just announced its business results in July 2023 with overall sales of US$ 21.3 million. The above sales are equivalent to the same period last year, but compared to June 2023, sales have increased by 18%. This is also the highest revenue in nearly 1 year of this business.

( In the first half of 2023, Vietnam's seafood industry faced difficulties due to a struggling economy. High inflation led to less seafood consumption, reduced import demand, and increased competition between Vietnam and other seafood exporters. This caused a 27% drop in seafood exports compared to the same period last year.

( The UAE imports around 250,000 tons of seafood/year, worth 750-800 million USD. The top 4 suppliers are India, Thailand, Norway, and Vietnam, with India holding a dominant market share of 20%-24%, primarily in frozen shrimp. Vietnam's share is 6%-9%, mainly in frozen pangasius fillets.

( Vietnam's seafood export turnover in the second quarter of 2023 reached over 2.3 billion USD, 30% higher than the first quarter. However, compared to the same period in 2022, the negative growth rate of 27.5% remained unchanged from the first quarter. Therefore, by the end of the first half of this year, seafood exports were 27.5% lower than the same period last year, reaching 4.15 billion USD. While exports to most markets such as the US and EU decreased significantly (down 46% and 33% respectively), exports to the CPTPP bloc still had more positive results.