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

Seafood

Vietnam

Published Nov 27, 2022

Tridge summary

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.

Original content

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 interest rates also greatly affects business plans and capital costs of enterprises. Mr. Le Bao Toan, Chief Financial Officer and Chief Accountant of Minh Phu Seafood Joint Stock Company, Hau Giang shared that this year's loan interest rate is much higher than last year. In addition, the exchange rate issue is also causing obstacles when it is constantly increasing, making the exchange rate difference of enterprises in the first 10 months of 2022 also very large. “Currently, businesses have borrowed money, especially USD, and the dollar exchange rate has increased. I have dong in dollars, but offset between borrowed money and income, more or less makes my money ...

Source: Vov