Vietnam: Seafood export still has many difficulties

Seafood

Vietnam

Market & Price Trends

Published Dec 12, 2023

Tridge summary

Vietnamese seafood exports reached USD 11 billion in 2022, but they have recently declined due to decreased demand and increased competition in the international market, particularly in the US and China. Despite these challenges, there are positive signs of recovery in the industry, particularly in the US and Chinese markets, with increased demand expected during the year-end holidays. However, the Department of Fisheries forecasts that seafood export turnover in 2023 will be lower than the set target of USD 10 billion, and it is estimated to be around USD 9.2 billion, with continued difficulties expected into 2024.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Making use of every opportunities As one of the key economic sectors, playing an important role in the development of the Vietnamese economy with an ever-expanding scale, Vietnamese seafood is not only affirmed domestically but also well received by foreign countries around the world. To date, Vietnamese seafood products have been exported to more than 170 countries and territories, and the seafood export value in 2022 reached USD 11 billion for the first time. However, from the end of 2022 until now, the panorama of Vietnam's seafood exports has been covered in dark colors as export turnover has continuously decreased due to consumption demand in main markets in a "slumping" state”. Seafood exports have declined recently due to pressure from both domestic and international macro factors. First, export prices of aquatic products at the beginning of this year tended to decrease. Competition in seafood prices in the international market makes it difficult for Vietnamese businesses ...

Source: WTOCenter