Vietnam: Identifying challenges and opportunities in the seafood industry in 2023

Published 2022년 11월 27일

Tridge summary

Vietnam's seafood exports are projected to reach 11 billion USD in 2022, with significant growth in various products. However, the industry faces challenges due to a slowdown in demand in major markets because of economic risks, high inventory, and logistics issues. Businesses are also impacted by high loan interest rates, exchange rate fluctuations, and high costs due to imported breeds. The industry's future is perceived as difficult, with concerns over production, capital, and competition. Businesses are implementing cost-cutting measures and investing in technology, but face challenges in financing technology for sustainable development.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), this year's seafood export is expected to reach a turnover of about 11 billion USD. In which, shrimp exports reached $ 4.3 billion, pangasius about $ 2.5 billion, seafood $ 3.2 billion and tuna $ 1 billion. All products have an average growth of 18 to 77%. The US, EU, China, and Japan markets are in the top 4, accounting for 74% of export turnover. Particularly for the US market, for the first time, seafood turnover reached over 2 billion USD. However, at present, demand in Vietnam's main seafood consumption markets is slowing down when the global economy is at risk of recession. competitors in major import markets such as Europe, the US, etc. Inventory has increased, while storage and logistics are still the weak points of most enterprises in the industry. In particular, with the specificity of having to mobilize a lot of loans, many businesses are facing many difficulties; The sharp increase in ...

Source: Vov