Seafood exports in Vietnam are difficult to recover in the short term

Published 2023년 6월 14일

Tridge summary

The Vietnamese seafood export industry is facing significant challenges in 2023 due to global inflation, decreased consumer demand, and increased inventories. As a result, exports have fallen by nearly 30% in the first five months of the year, with major markets reducing exports by 10 to 50%. The US market experienced the largest decline, over 50%. The main products of shrimp, pangasius, and tuna have also seen double-digit decreases. The Vietnam Association of Seafood Exporters and Producers (VASEP) is working with committees to find solutions and promoting technological innovation in processing to increase product value. The market situation does not promise recovery in the near future, but there is potential for affordable seafood products. The export target of 10 billion USD for 2023 is uncertain, but the industry seeks support to restore production and export when the market improves.

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

Original content

That is, Ms. Nguyen Thi Thu Sac, Chairwoman of the Association of Seafood Exporters and Producers (VASEP) at the General Meeting of VASEP members on June 12, 2023. According to Ms. Thu Sac, 2023 is extremely difficult for seafood exporters, when the world inflation situation is getting worse and worse, consumer demand has decreased markedly, and inventories have increased. In the first 5 months of 2023, Vietnam's seafood exports reached just over $3.2 billion, continuing to plummet by nearly 30% compared to the same period last year. period of 2022 and deeply reduced from 10 to 50% in all major export markets. In which, the market that dropped the most was the US market by more than 50% over the same period, the EU market by nearly 32% and China by more than 25%. The main products of Vietnam's seafood export all decreased by double digits, specifically shrimp decreased by nearly 36%, pangasius decreased by nearly 40% and tuna decreased by more than 30%. Shrimp exports to main ...

Source: Vinanet