GENERAL INFORMATION

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

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

(seafood.vasep.com.vn) In the first 6 months of 2022, Dong Thap Province’s exports of seafood products and rice had impressive growths. The traditional markets are maintained and strengthened while a new trend of shifting markets (from Asian market to Europe) appeared.

(seafood.vasep.com.vn) In Q1/2022, Bentre Aquaproduct Import and Export JSC (HOSE: ABT) recorded a revenue of 133 billion VND (up by 109% over the same period) and profit of 7.7 billion VND (down 54% over the same period). Gross profit margin improved significantly from 14.3% in Q1/2021 to 20.2% in Q1/2022 due to sharp increase in selling prices; however, transportation costs tripled during the Q1/2022, leading to a shrink in net profit.

(seafood.vasep.com.vn) For the first time this year, after continuously growing positive double digits in the previous 5 months, Vietnam shrimp exports in June recorded negative growth. Vietnam’s shrimp export value decreased slightly by 1% to nearly 416 million USD. Accumulating 6 months, Vietnam’s shrimp export reached 2.3 billion USD, an increase of 31% over the same period last year.

(seafood.vasep.com.vn) After two year of suffering the severe damage from the impact of Covid-19 pandemic, a series of enterprises and corporations had to go bankrupt. In that challenging situation, IDI Corp maintained its business and turned all the difficulties into advantages.

(seafood.vasep.com.vn) After the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect from January 2019, Vietnam’s tuna export turnover to Chile has prospered. Even when the outbreak of the Covid-19 pandemic hindered tuna export to other markets, Vietnam’s tuna export to Chile still maintained the growth. Vietnam tuna exports to Chile increase continuously in the first 5 months of 2022.

(seafood.vasep.com.vn) Vietnam's shrimp exports to the EU as of June 15, 2022 reached US$338 million, up by 51% over the same period last year. Shrimp exports to this market grew quite steadily, ranging from 34%-83% in the first months of this year.

(seafood.vasep.com.vn) The average import price of Vietnam shrimp reached 11.46 USD/kg, about 1USD higher than the average import price and other suppliers such as Indonesia or Ecuador.

(seafood.vasep.com.vn) 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%.

(seafood.vasep.com.vn) Nam Viet Corporation (Navico) decided to establish Nam Viet Aquaculture Feed processing one member company - An Giang branch in An Giang province with the main business of producing and processing aqua feeds, wholesale of agricultural and forestry products, rice, wheat, etc.

(seafood.vasep.com.vn) 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.

(seafood.vasep.com.vn) 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.

(seafood.vasep.vn.com) 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.

(seafood.vasep.com.vn) 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.

(seafood.vasep.com.vn) On June 26, 2022, Nhatrang Seafood (F17) inaugurated its high quality shrimp processing factory, located in Ho Phong, Bac Lieu.

(seafood.vasep.com.vn) 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.


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