Seafood export growth in Vietnam

Vietnam has experienced a significant surge in seafood exports in the first five months of 2022, with a 44% increase compared to the same period last year, generating $4.7 billion in revenue. This growth is attributed to the post-pandemic recovery and a decrease in competition due to the Russia-Ukraine conflict. However, the industry faces challenges such as raw material shortages, high inflation, and high international shipping costs. The pangasius fish industry, in particular, has seen a doubling of exports in the first four months of the year, benefiting from high demand and the high inflation that favors affordable seafood products. Despite these challenges, there are opportunities for growth, including the potential to replace Russian pollock in the EU, US, Korea, Japan, and the UK. Additionally, the demand for farmed fish is increasing due to health and environmental concerns. However, the export of processed pangasius products to the US is currently blocked by the Food Safety and Inspection Service (FSIS), and Vietnamese seafood companies are facing barriers in exporting to China due to its strict "Zero Covid" policy.