Vietnam: Seafood regains balance to boost exports

Published Sep 9, 2023

Tridge summary

Vietnam's seafood exports have decreased by 25.4% in the past 8 months, but the rate of decline is narrowing compared to earlier in the year. Despite declining purchasing power in major markets, businesses are focusing on trade promotion and advertising to exploit potential markets. The shrimp and pangasius industries are showing some signs of improvement, but there is a risk of a shortage of raw materials in the last months of the year, which could affect growth targets for 2023.

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

Original content

The last months of the year are always an opportunity for the seafood industry - Illustration The Ministry of Agriculture and Rural Development said that in the past 8 months, seafood exports reached 5.68 billion USD, down 25.4%. Although still decreasing sharply, this decrease is showing signs of shortening compared to the first months of the year. Vietnam Association of Seafood Exporters and Producers (VASEP) clearly analyzes: In June, Vietnam's seafood export turnover reached more than 767 million USD, down 23.7% over the same period last year; July reached 778 million USD, down 17.5%; August was estimated at 846 million USD, still down more than 15%, but this is the lowest negative growth in the last 6 months. This shows that the market will tend to be more positive in the last months of 2023. Mr. Truong Dinh Hoe, General Secretary of VASEP, said that businesses need to determine a fairly long period of moderate operations. The most important goal of businesses today is to ...

Source: VNRuralEconomics