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.  

Vietnam seafood industry identifies opportunities and challenges in 2023

( The seafood industry frankly recognizes the opportunities and challenges to keep its growth momentum in 2023.

The 2022 seafood export turnover is expected to reach the record of 11 billion USD. Particularly, shrimp export turnover reached 4.3 billion USD, pangasius reached 2.4 billion USD and tuna reached 1 billion USD. This result reflects the effort of businesses in the industry and at the same time shows the international preference for Vietnamese seafood and marine products.

135 million USD is the  2022 expected export revenue of Thuan Phuoc Corporation, an increase of about 35% compared to 2021. However, 2023 will be a challenging year for this company when setting the goal of maintaining the corresponding revenue level.

"Export sales slowed down when importers refused to order due to a serious decrease in the purchasing power in their country," said Tran Van Linh, Chairman of the Board of Directors of Thuan Phuoc Corp, Da Nang.

Chú thích ảnh

Leading experts make predictions and discuss solutions for the seafood industry 2023

This tough time will be the time for enterprises to restructure themselves, manage inventory, and invest carefully as the credit capital is limited. Currently, Vietnam's seafood processing industry has a certain position in the world, so enterprises are shifting to occupy high-end market shares to increase profit margins for processed products.

"We are more favorable in capturing the high-end market. In this segment, the profit margin is better, farmers are assured to maintain and expand the farming area. The situation would be worse in 2023, but the export turnover will not be lower than 2022", said Mr. Ho Quoc Luc, Chairman of the Board of Directors of FIMEX VN, Soc Trang.

According to the Ministry of Agriculture and Rural Development, in order to keep the growth momentum, the fishery industry strategy in 2023 will gradually shift from catching and fishing to farming and deep processing to maintain sustainable growth. Importantly, the improved life of farmers and fishermen will contribute to the successful implementation of the fisheries development strategy to 2030 approved by the Prime Minister.

"Sustainable development of seafood is the most fundamental, then doing well in conservation, high-tech processing, adding added value associated with market promotion, following a closed chain, we will have a sustainable development, affirming the achievement of set strategic goals", said Mr Phung Duc Tien,  Deputy Minister of Agriculture and Rural Development.

The Ministry of Agriculture and Rural Development also set an aquaculture strategy from now to 2030 is 7 million tons/year. The aquaculture output in 2022 has reached over 4.7 million tons, up nearly 7.2% over the same period while the amount of catch was only 2.8 million tons, a decrease of 2.1%.

Compiled by Thuy Linh 

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