Vietnam: VASEP forecasts that exports of squid and octopus in 2021 will increase by 13%

Published Nov 28, 2021

Tridge summary

Vietnam's squid and octopus exports in October saw a 14% increase compared to the same period last year, reaching $67 million. Despite a previous decline in August and September, the accumulated exports for the first 10 months of the year were unchanged at $474 million. The exports were predominantly to Korea, accounting for 41% of the total export value. However, the industry faces challenges such as high freight rates and limited raw material supply due to the COVID-19 pandemic. The Association of Seafood Exporters and Producers (VASEP) anticipates a 13% increase in overall exports for 2021, totaling more than $590 million.

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

Original content

According to the Association of Seafood Exporters and Producers (VASEP) in October, squid and octopus exports reached $67 million, up 14% over the same period last year. Thus, after a sharp decline in August, September, squid and octopus exports have recovered quite well. Accumulating 10 months, the export of squid and octopus reached 474 million USD, unchanged compared to the same period last year. In terms of product structure, the export value of squid accounted for 51.5% and octopus accounted for 48.5%. In the context that the COVID-19 epidemic is still protracted, consumption demand is still leaning towards squid and octopus products that are reasonably priced, easy to process, have a long shelf life, and are suitable for processing and consumption. at home such as: dried squid, dried octopus, frozen octopus... According to VASEP, the top 10 import markets of Vietnam's squid and octopus are Korea, Japan, Thailand, China and Hong Kong, respectively, Italy, the US, Malaysia, ...

Source: Vietnambiz