Seafood exports in 2023 are forecast to reach 8.6 billion USD.

SGGPO 06/12/2023 14:55

On June 12, the Vietnam Association of Seafood Exporters and Producers (VASEP) held a conference to review export activities.

According to VASEP, in the first 5 months of the year, Vietnam's seafood exports reached only over 3.2 billion USD, continuing to decrease sharply by nearly 30% compared to the same period in 2022 and decreasing deeply from 10 - 50% in all major export markets. In particular, the market with the sharpest decrease was the US market by more than 50% compared to the same period, the EU market decreased by nearly 32% and China decreased by more than 25%. The main items of Vietnam's seafood exports all decreased, such as shrimp decreased by nearly 36%, pangasius decreased by nearly 40% and tuna decreased by more than 30%.

The aquaculture industry needs to invest in new technology to reduce production costs.

It is forecasted that seafood markets will continue to decline in the third quarter of 2023, with exports reaching only 8.6 billion USD by the end of the year.

Notably, the IUU Yellow Card in exploited seafood is also a major constraint to the growth of seafood exports. Ecuadorian and Indian shrimp are priced 20% lower than Vietnamese shrimp. In addition, pangasius is facing high feed costs and unstable quality seed sources. Recently, VASEP has launched the program "For a sustainable shrimp industry"; building a pangasius promotion program along with joint activities, and re-evaluating to find measures to improve the supply of seeds, feed, and success rate for pangasius.

Seafood expected to reach 8.6 billion USD due to market difficulties

Mr. Phung Duc Tien, Deputy Minister of Agriculture and Rural Development, said that from now until the end of 2023, businesses need to regularly assess market developments, propose solutions, promptly inform people so that they can have appropriate production plans; strengthen cooperation and solidarity among businesses in accessing, maintaining, expanding and diversifying markets. When there are problems in exports, VASEP promptly informs ministries and branches to have timely solutions; continue to proactively propose amendments and improvements to policies to create maximum conditions for production and export activities. More importantly, businesses apply new technologies to reduce production costs; promote production linkages, replicate effective production models and chains; maintain and develop output markets, and fight against technical barriers.

Source: https://www.sggp.org.vn/xuat-khau-thuy-san-nam-2023-du-bao-dat-86-ty-usd-post693376.html