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

Export of cephalopods to Japan show some positive signal
08:26 05/22/2023

( In the first quarter of 2023, Vietnam’s pangasius exports brought in $422 million, a decrease of 35% over the same period last year. Global food inflation along with high inventories has caused a fall in demand and import prices, which has negatively affected export sales of Vietnamese pangasius in many major markets.

( After growing in February 2023, Vietnam's exports of fish cakes and surimi in March reversed and decreased over the same period. The export value of this product group in March only reached 25 million USD, down 28%. In the first 3 months of 2023, the export turnover of fish cakes and surimi was nearly $68 million, down 23%.

( On April 25, 2023, the 29th Seafood Expo Global was held at Fira Gran Via, Barcelona, Spain. This is one of the largest Seafood Trade Fairs in Europe and the world.

( Over 1.8 billion USD and negative growth of 27% in the first quarter of 2023, showing that the situation of the seafood market is more difficult than expected. The picture of seafood exports may gradually brighten in the second quarter and is expected to recover better from the third quarter when the Chinese market has a clearer improvement and seafood enterprises have adjusted their product structure and markets to adapt to the context of 2023.

( In the first quarter of this year, Vietnam's pangasius exports brought in $422 million, down 35% over the same period last year. Global food inflation, coupled with a large inventory, caused demand and import prices to decrease, which had a negative impact on export sales of Vietnamese pangasius in many major markets.

( Vietnam's crab exports continued to decline in March 2023. Export value this month reached 11 million USD, down 37% over the same period. The total value of crab exports in the first 3 months of the year was nearly 30 million USD, 42% lower than the same period in 2022. This decline is due to inflation still causing the demand for crabs to decrease in most of the main markets.

(seafood. In February 2023, Vietnam's tuna exports to the UK suddenly increased more than 13 times over the same period, reaching 971 thousand USD. This positive result offset the decrease in January and brought the total export turnover in the first two months of 2023 to more than $1.3 million, nearly 3 times higher than the same period in 2022. The UK is currently the 15th largest single tuna import market of Vietnam.

( Seafood Expo Global – The Global Seafood Expo is one of the largest Seafood Trade Fairs in Europe and the World. The exhibition attracts more than 1,550 exhibitors from more than 76 countries around the world with the exhibition space of nearly 40,000 square meters. This year's fair will be held from April 25 to 27, 2023 in Barcelona, Spain.

( In the ASEAN market, Singapore is standing out thanks to the strong growth in imports of Vietnamese pangasius in the first 3 months of this year, despite the context of inflation and reduced imports in the world market. Singapore is considered as the bright spot of Vietnam pangasius exports in 2023

( In February 2023, Vietnam's shrimp exports to Australia recorded a growth signal, reaching $19 million, up 7%. However, shrimp exports to this market in January 2023 decreased sharply due to the Lunar New Year, so by the first half of March 2023, shrimp exports to this market reached 36 million USD, down 31% compared to the same period in 2022.

( Thuan Phuoc Corporation set a business target in 2023 with a total revenue of 2,300 - 3,000 billion VND; export turnover reached from 100 to 130 million USD.

( In 2023, SEAPRIMEXCO (CAT) set the pre-tax profit target of VND 30 billion in 2023; export turnover reached 32,000 USD; dividend in 2022 at the rate of 10% cash.

Australia used to be Vietnam's 9th largest seafood import market in 2018. The CPTPP agreement came into force in 2019. After 4 years, by 2022, Australia has become the 6th largest single market for Vietnamese seafood.

( On the afternoon of April 10, 2023 in Hanoi, representatives of VASEP welcomed a delegation of Australian Parliamentarians led by Senator Glenn Sterle.

( The recovery of China's economy will contribute to the growth of Nam Viet JSC's pangasius export output in 2023, offsetting the decline from other export markets of the enterprise.

  • Vinh Hoan
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