Middle East accounts for 10% of Vietnams tuna exports
09:25 02/27/2024

More challenges are expected for Vietnam’s aquaculture exports in 2024, according to Tran Dinh Luan, General Director of the Department of Fisheries under the Ministry of Agriculture and Rural Development.

( 5 years after the CPTPP Free Trade Agreement took effect (14 Jan 2019), Vietnam seafood industry has seen many positive changes thanks to the preferential tariffs with member countries, however, challenges that affect export growth in this bloc still persist.

( On December 14, 2023, the Ministry of Industry and Trade issued Decision No. 3235/QD-BCT approving and announcing the List of "Reputable Export Enterprises" in 2022. Accordingly, there are 46 seafood processing and exporting enterprises on this list

( In 2023, Vietnam's fish paste and surimi export turnover was estimated at 303 million USD, down 27% compared to 2022. In the past five years, Vietnam's fish paste and surimi industry earned from 300-420 million USD each year, including surimi from marine fish and pangasius, accounting for 4%-5% of the country's total seafood exports.

( According to the Department of Agriculture and Rural Development of An Giang, the implementation of the 3-level pangasius breeding production project in the Mekong Delta in An Giang currently has investments from 4 enterprises in technology-oriented farming in a high-concentration area of 442.3 ha. Among which, Viet Uc Seafood Corporation has invested 104 ha; Nam Viet Binh Phu Seafood Company Limited has invested 600 ha (including 150 ha for breeding); Loc Kim Chi Development Company Limited with 140 ha; and Vinh Hoan Joint Stock Company with 48.3 ha. These projects are currently underway and put into production, contributing to improving pangasius seed quality in An Giang province.

( In 2023, high inflation, reduced demand, high inventories, falling export prices and difficulties in domestic production leading to a 17% decrease in Vietnam seafood exports compared to 2022, reaching only 9 billion USD.

( In 2023, Japan was one of Vietnam’s top 2 seafood import markets, behind the US. While exports to the US significantly declined by 29%, and to other markets in the top 5 decreased by 16-18%, exports to Japan had the least decrease, only 12%.

Representatives of firms gathered to discuss how to improve the value and quality of surimi and fishmeal products which bring high export turnover

( By the end of November 2023, Vietnam’s seafood exports reached over 8.2 billion USD, down 20% over the same period in 2022. It is estimated that seafood exports in December reach nearly 800 million USD, equivalent to November, bringing the total seafood exports for 2023 to about 9 billion USD, 17% lower than the record level of nearly 11 billion USD of 2022.

( According to data of Vietnam Customs, in the first half of November 2023, pangasius exports to the EU reached over 6 million USD, down 24% compared to the same period last year. As of November 15, 2023, the EU has purchased more than 150 million USD worth of pangasius from Vietnam, down 17% compared to the same period in 2022.

( As of October 2023, Vietnamese shrimp exports to the Middle East market reached more than 39 million USD, down 10% over the same period last year—recording a lighter decrease rate than those to other main markets. In the context of facing many challenges from the main consumer markets, looking to smaller but potential markets is also an option for current businesses. The Middle East market accounts for 1.3% of Vietnam's total shrimp exports to markets.

( to data from Vietnam Customs, pangasius exports in October 2023 to markets reached nearly 173 million USD, down 4% over the same period last year.

( According to data from Vietnam Customs, as of October 2023, Vietnam shrimp exports reached 2.8 billion USD, down 24% over the same period last year. In October alone, shrimp exports reached 318 million USD, down 12% over the same period.

( The Chinese market holds an increasingly important position for Vietnamese seafood enterprises. In recent years, China has been in the top 3 Vietnam’s seafood import markets, only after the US and Japan. In 2023, Vietnam seafood exports to China have declined because of reduced export prices, but the prospects and room in this market are still open for Vietnam’s seafood exporters.

( 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.