How does the depreciation of JPY and Euro affect Vietnam seafood exports
08:34 08/10/2022

( According to Directorate of Fisheries, Vietnam fisheries production in the first 6 months of the year was estimated at 4,196.8 thousand tons, increased by 2.5% over the same period last year (in the second quarter of 2022, it reached 2,333.3 thousand tons, up 2.9%), including: Fish reached 3,044.4 thousand tons, up 1.7%; shrimp reached 520 thousand tons, up 9.4%; other marine products reached 632.4 thousand tons, up 1.2%.

( Despite the slowdown in growth rate, Vietnam seafood exports in June 2022 still brought in over 1 billion USD, equivalent to May 2022 and up by 23% over the same period last year. Thus, in the second quarter of 2022, the country's seafood exports recorded sales of over 3.2 billion USD, nearly 36% higher than 2.4 billion USD in the same period in 2021.

( In recent years, the fishery economy has been invested and exploited effectively by Ben Tre province, making an important contribution to the overall economic growth of this province.

( In the first 5 months of 2022, Vietnam’s seafood exports to the US reached nearly 1.1 billion USD, an increase of 65% compared to the same period last year. Vietnam seafood exports to this market is expected to gain 2.4 - 2.5 billion USD in 2022 , going up by 25% compared to 2021.

( On June 22, 2022, the Vietnam Association of Seafood Exporter and Producer (VASEP) held the 2022 annual General conference among its members in Ho Chi Minh city with more than 250 attendees. The conference was very honored to had Mr. Le Minh Hoan, the Minister of Agriculture and Rural Development; Ms. Nguyen Thi Hong Minh, the former Vietnam Deputy Minister of Fisheries, and also the Honorary President of VASEP; Mr. Tran Dinh Luan, the Director General of the Directorate of Fisheries; the representative of the Ministry of Agriculture and Rural Development in Ho Chi Minh City office; Mr.Nguyen Nhu Tiep, the Director of Nafiqad Department; Mr. Nhu Van Can, the Director of Aquaculture Department; representative of the Ministry of Home Affairs; representative of Trade Promotion Department, Ministry of Industry and Trade.

( Similar to the US market, the demand for seafood in EU is recovering after the Covid pandemic. For that reason, despite difficulties such as food inflation, increased freight and high container costs, Vietnamese seafood enterprises are taking advantage of promoting exports to this market. In the context of inflation in overall price, the EVFTA is a beneficial factor boosting exports to EU. Vietnam seafood exports to the EU in the first 5 months of this year also recorded a high growth of 45%, reaching nearly 562 million USD.

( The system of fishing ports and storm shelters for fishing boats belongs to the seafood infrastructure system, playing an important role in the sustainable development of the seafood industry.

( Within 2 consecutive months of April and May, Vietnam’s total fishery exports reached more than one billion USD, bringing total five-month export turnover reaching 4.6 billion USD.

( After reaching a record of over $1.1 billion and a growth rate of over 50% in April 2022, entering May, Vietnam’s seafood exports could not maintain a heated growth but still hit the $1 billion mark. This number is 27% higher than the same period last year.

( On May 6, 2022, at the Launching Ceremony of the WTO Chair program - Foreign Trade University on May 6, 2022, the university signed MOUs with VASEP, VCCI and other international partners to coordinate the implementation of the program's contents.

( At the end of the first quarter of 2022, Minh Phu Seafood reported a profit after tax of VND 91.2 billion, 3.4 times higher than the same period in 2021.

( In April 2022, Vietnam seafood exports continued to bring in over 1 billion USD with strong growth of 41% over the same period in 2021. Accordingly, total Vietnam seafood export for the first 4 months of the year is expected to reach $3.6 billion, 44.5% higher than the same period last year.

( According to a report of the Center for Informatics and Statistics, Ministry of Agriculture and Rural Development, the total fisheries production of Vietnam in April 2022 is estimated at 736.4 thousand tons, up 2.6% over the same period in 2021.

( The report on Vietnam's seafood exports - a quarterly publication of VASEP, reflects a full and detailed picture of seafood production and export in general and each fishery industry in particular (including: shrimp, catfish, tuna, cephalopods, shellfish, crabs, surimi...).

( In QI/2022, seafood exports to Canada increased by 61.4% over the same period last year. Vietnam's seafood exports to Canada are expected to continue to increase sharply due to the increasing demand for seafood in this market.