Seafood exports for the year expected to reach a staggering USD 9 billion

The Vietnam Association of Seafood Exports and Processing recently hosted its 2023 General Conference for members, celebrating the Association's 25th anniversary. 

According to the conference, the year 2023 is expected to be a challenging one for the fishery industry due to the serious impact of global inflation, reduced consumption demands, and an abundance of inventory. 

The fishery export industry has experienced a significant decline in recent times. From the end of 2022 to the first few months of 2023, exports have plummeted across all markets and commodities.

Vietnam's seafood export industry has experienced a significant decline in the first five months of 2022, according to Nguyen Thi Thu Sac, President of VASEP. The country's seafood exports amounted to slightly over USD 3.5 billion, marking a 26% decrease compared to the same period last year. Major export markets have also seen a sharp decline ranging from 9% to 50%. The US market witnessed a significant decline of 50% during the same period, while the EU market saw a decrease of 28.9% and China experienced a decline of over 26.4%.

Vietnam's seafood export industry has taken a hit as the main products experienced a significant decline in sales. Shrimp, pangasius, and tuna, which are the primary exports, have all decreased by double digits. Shrimp sales have plummeted by almost 34.2%, while pangasius and tuna sales have decreased by 30.5% and 31.3%, respectively.

According to Truong Dinh Hoe, the General Secretary of VASEP, the seafood industry in Vietnam has encountered numerous challenges since the start of 2023. As a result, it appears unlikely that seafood exports for the current year will be able to maintain the same level of export turnover as was achieved in 2022.

According to industry experts, the recovery of seafood exports will not occur until the third quarter of 2023. Pangasius is expected to be the first item to recover due to its affordable price. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the seafood industry is expected to see a potential recovery in the final months of this year. As a result, VASEP has estimated that seafood exports in 2023 will aim to maintain a value of approximately USD 9 billion. This figure includes shrimp exports reaching USD 3.5 billion, pangasius exports reaching USD 1.9 billion, and seafood exports reaching USD 3.6 billion.

During a conference, Deputy Minister of Agriculture and Rural Development Phung Duc Tien emphasized the importance of VASEP and seafood enterprises' efforts in tackling the challenges that lie ahead until the end of 2023. Tien urged them to prioritize several crucial tasks to overcome the obstacles that they may encounter during this period. 

Regular assessment of market developments, proposing solutions, timely dissemination of information, and having an appropriate production plan are crucial factors for success in the industry. Vietnamese enterprises are being urged to strengthen their cooperation and solidarity in accessing, maintaining, expanding, and diversifying markets. This is in order to comply with regulations in both Vietnam and import markets, and to remove any signs of disunity, unfair competition, violation of the law, and unsustainable development.

The Vietnam Association of Seafood Exporters and Producers (VASEP) has urged businesses to promptly report any issues found during the export process to the relevant ministries and sectors for timely resolution. VASEP has also called on businesses to proactively propose amendments and improvements to policies to facilitate production and export activities while ensuring compliance with management requirements and promoting sustainable growth.

Efforts are being made to encourage and promote the use of new technologies among members in order to lower production costs. This includes promoting production linkages, replicating successful models, and establishing efficient production chains. Additionally, there is a focus on maintaining and expanding the output market while also addressing technical barriers.

According to the Deputy Minister, Vietnam's seafood export is expected to achieve further success in the near future, which will play a significant role in the country's overall development as well as the growth of the seafood industry. 

The Vietnam Association of Seafood Exporters and Producers (VASEP) has achieved significant growth and success over the past 25 years. Through collaboration with various government agencies at both the central and local levels, VASEP has played a crucial role in connecting member enterprises with state management agencies. Additionally, VASEP has fostered a strong community of processing and export businesses, contributing to its comprehensive development despite various challenges.

The Ministry of Agriculture and Rural Development has expressed appreciation for the achievements of the Association in various activities, as conveyed by its leaders. According to Deputy Minister Phung Duc Tien, policy advocacy, overcoming trade barriers, and promoting information and communication are key factors in the seafood industry's success. This industry contributes over 80% of the country's total seafood export value.