Vietnamese Seafood Industry Impacted by Adverse Weather, Declining Resources, and Operational Hurdles Lead to Decreased Availability and Rising Costs in 2023

Adverse weather conditions at sea in Vietnam, coupled with a significant decline in natural seafood resources like squid and octopus, have substantially decreased availability in 2023. The rising costs of fuel, maritime industry supplies, and other essentials have increased sea trip expenses, reducing exploitation and fishing efficiency. Consequently, numerous offshore fishing vessels have ceased operations, with Vietnamese ship owners facing challenges such as a lack of working capital and labor shortages. This situation directly impacts the escalating prices of input materials, diminishes purchasing power, and contributes to sluggish growth in the import-export market.