Tridge summary
In 2021, Vietnam's seafood exports experienced significant growth, with the industry reaching an export target of 8.9 billion USD despite challenges posed by the pandemic. The US market saw a 27% increase in seafood imports, contributing 23% to Vietnam's total exports, while exports to the EU, Korea, and several CPTPP countries also surged. However, exports to China and Hong Kong fell by 17% due to China's strict COVID-19 inspection policies. The average price of seafood exports to major markets increased by 10-30%, aided by tax benefits from FTAs and strong market demand. Looking ahead, 2022 is expected to see further growth in seafood exports, especially Vietnamese shrimp, with opportunities to expand into new markets. However, Vietnamese shrimp producers face tough competition from other shrimp-exporting countries like Ecuador, India, and Indonesia.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Many breakthrough marks According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in 2021, seafood exports will record many breakthroughs. Enterprises overcoming the pandemic reached the export target of 8.9 billion USD. In which, seafood exports to the US market reached a record of US$2 billion, up 27% compared to 2020, accounting for 23% of Vietnam's total seafood exports. In addition, exports to many markets had outstanding growth: the EU increased by 12%; Exports to Korea increased by 6%, some countries in the CPTPP such as Australia increased by 16%, Mexico increased by 49%. Notably, seafood exports to Russia increased by 21% thanks to the increase in the number of enterprises allowed to export to this market by 25 to 50 in the past year. However, China's zero Covid policy has strongly affected Vietnam's seafood exports to China. China's strict inspection to trace the corona virus on seafood imported through sea, land and even air border gates, ...
Source: Vinanet
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