Seafood export growth in Vietnam

Published 2022년 7월 4일

Tridge summary

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.

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

Original content

According to data from the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood exports in the first five months of 2022 reached $4.7 billion, up 44% over the same period last year. All markets have achieved a growth rate of 10%-90%, the average selling price increased by 10%-15%. Even from March 2022, seafood exports continuously recorded record sales of over 1 billion USD/month. According to VASEP, this impressive result is due to the fact that since the beginning of 2022, almost the whole world is ready to open up after the Covid-19 pandemic. The demand for seafood in all segments recovered strongly, while the supply of other countries could not keep up, leading to record inflation in many markets, especially the US, China, and the EU. In addition, the Russia-Ukraine conflict makes the market short of seafood supply when a series of countries have banned the import of Russian seafood. Mr. Do Ngoc Tai, General Director of Ngoc Tri Seafood Processing Joint ...

Source: Vinanet