Vietnam: Timely adaptation to changes in the seafood market

Published Jun 1, 2023

Tridge summary

The article highlights the challenges facing the Vietnamese seafood industry in reducing export value due to economic difficulties and decreased aggregate demand. Despite these challenges, the industry has seen growth, particularly in dried fish exports, which increased by 65% in April 2023. The industry is advised to adjust prices and increase services to stimulate demand. The Ministry of Agriculture and Rural Development plans to restructure the market, expand consumption, and strengthen trade promotion for traditional and potential markets such as the US, China, Japan, and EU. The industry also plans to direct aquaculture production, implement solutions to combat illegal fishing, and negotiate to diversify agricultural products for official export.

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

Original content

Around the issue of reducing the export value of seafood - one of the key commodities in the agricultural sector, Deputy Minister of Agriculture and Rural Development Phung Duc Tien said, facing difficulties and challenges to the economy, aggregate demand greatly reduced, many airlines have no orders. In many industries, workers only work a few days a month, affecting the income of workers, so the demand for living and consumption decreases. This is considered the main reason leading to the decrease in export value of Vietnamese seafood. Deputy Minister of Agriculture and Rural Development Phung Duc Tien acknowledged that although seafood exports decreased compared to the same period last year, the reduction was gradually being reduced. In fact, this number is not too negative, because Vietnam's seafood industry has had a breakthrough growth in 2022. According to information from the Vietnam Association of Seafood Exporters and Producers (VASEP), many seafood businesses have ...

Source: Baochinhphu