Seafood export still has many difficulties

VCN - There is just over a month left until the end of 2023, but the overall picture of Vietnam's seafood exports is still not brighter as export turnover in many main markets has not yet been able to recover. Low market demand, inflation, rising inventories, people tightening spending, and conflicts in Eastern Europe and the Middle East are factors affecting seafood exports this year and are forecast to continue to 2024.
With increased orders, seafood exports for the whole year will reach 9 billion USD With increased orders, seafood exports for the whole year will reach 9 billion USD
Vietnam's 3 Vietnam's 3 "billion dollar" seafood export markets
What to do to stop the What to do to stop the "plunging" momentum of seafood exports?
The value of seafood export turnover by the end of November reached 8.24 billion USD, down 18.9% over the same period in 2022 and reaching 82.4% of the plan (10 billion USD). Illustration photo: TL
The value of seafood export turnover by the end of November reached 8.24 billion USD, down 18.9% over the same period in 2022 and reaching 82.4% of the plan (10 billion USD). Illustration photo: TL

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 to find orders, leading to price reductions. In addition, the demand for imported seafood also decreased because importing countries have not consumed the large inventory of the previous year. The value of seafood export turnover by the end of November reached USD 8.24 billion, down 18.9% over the same period in 2022 and reaching 82.4% of the plan (USD 10 billion).

However, some good signals from the world and domestic markets as well as increased consumption trends in main markets in the last months of the year are bringing prospects for export recovery in this industry. The good signal for seafood exports comes from the recovery of key markets due to increased demand during year-end holidays and New Year for the industry's strong products such as tuna, shrimp, and pangasius.

Commenting on the prospects of the US market - one of the main markets for Vietnamese seafood, Commercial Counselor Do Ngoc Hung said that currently US inventories are decreasing with large consumption demand for seafood. Holidays and Tet at the end of the year will be opportunities for seafood export. However, the challenge for seafood exports to the United States is that this market often applies strict technical barriers, regulations on quarantine, farming environment, strict product origin labels, and protection policies; As for Vietnamese seafood enterprises, there are still limitations in branding and logistics services. Therefore, to promote exports to the United States, businesses need to thoroughly research the market, limit price competition, and strictly control the quality of shipments exported to the market; Regularly participate in seafood fairs; towards the production of deeply processed products; Pay attention, update trends, warn about items at risk of trade defense investigation as well as pay attention to packaging quality.

In addition to the US market, China is also a promising market to help restore seafood exports. According to experts, except for the period of restriction due to the Covid-19 epidemic, China has always been a large and potential seafood consumption market because of its large population and increasing per capita income. To prepare goods for the year-end holiday season, the Chinese market has begun to increase demand and exports to this market have recorded positive growth in the past 2 months.

Forecasting will still be difficult

Assessing the situation of seafood export in 2023, the Department of Fisheries (Ministry of Agriculture and Rural Development) stated that seafood production in 2023 has had a good growth, especially the aquaculture sector exceeded planned level (aquaculture develops many high-tech farming models, especially super-intensive shrimp farming). However, the exploitation output has not reached the target according to the orientation of the Fisheries Development Strategy, which is to gradually reduce annual exploitation and reach 2.8 million tons by 2030. Regarding exports, seafood exports Faced with many difficulties in 2023; although import markets are tending to recover, it is estimated that seafood export turnover in 2023 will be lower than the set target (USD 10 billion); export value for the whole year 2023 is estimated to reach about USD 9.2 billion. Faced with that situation, the Department of Fisheries advised the Ministry of Agriculture and Rural Development to organize conferences, seminars, and science and technology forums to transfer technology for production. Thereby contributing to promoting production development, in the last months of the year, the seafood export situation has improved again.

Forecasting the seafood export picture for 2024, representative of the Import-Export Department (Ministry of Industry and Trade), Ms. Vuong Thi Oanh, said that although the picture of the seafood industry in 2023 is improving, there are still many difficulties. These difficulties are expected to last from now until the end of the year and into 2024. Specifically, in the second half of 2023, total global output in the second half of the year may not increase due to demand for the market not to be strong enough. Among Vietnam's main seafood export markets, China is expected to continue to be a growing market in the second half of the year. Other major markets such as the US, EU and Japan are expected to increase import demand at the end of the year as inventories decrease and major holidays approach. Vietnam will continue to be a potential supplier to the above markets. However, competition will still increase with countries such as Thailand, Indonesia and China for processed products and with Ecuador for regular products.

Regarding the opportunities of Vietnamese seafood, Ms. Vuong Thi Oanh said that, for many years, Vietnamese seafood products have competed with processing capacity. This has helped us create export products with high value and good prices, overcoming limitations in production and transportation costs. Vietnam has gradually asserted its position with popular products in markets such as Japan, Korea, Australia, and England... and maintained good market share in highly competitive markets such as the United States and European countries. Europe. Besides, import demand from many key markets is likely to recover well at the end of the year. Domestic production output is still maintained at a good level.

By Xuan Thao/Bui Diep

Related News

Customs tightens oversight on e-commerce imports

Customs tightens oversight on e-commerce imports

VCN - The General Department of Vietnam Customs has issued new directives to enhance the management of imported goods transacted through e-commerce platforms, addressing ambiguities and ensuring consistent enforcement across provincial and municipal customs departments.
Ho Chi Minh City Customs: Timely detection of many cases of false declaration in import documents

Ho Chi Minh City Customs: Timely detection of many cases of false declaration in import documents

VCN - In addition to trade facilitation, Ho Chi Minh City Customs Department has also proactively inspected and controlled key goods and has detected and prevented many major tax fraud cases.
Accelerating official fruit and vegetable exports to China

Accelerating official fruit and vegetable exports to China

VCN - Vietnamese businesses must update and meet China's increasingly stringent food safety requirements.

Latest News

Textile and garment exports optimistic thanks to market opportunities

Textile and garment exports optimistic thanks to market opportunities

VCN - The diversification strategy and the shift in orders from brands have brought positive results to the Vietnamese textile and garment industry in 2024 and created a solid foundation for the 2025 target.
Vietnam attracts nearly 31.4 billion USD in foreign investment in 11 months

Vietnam attracts nearly 31.4 billion USD in foreign investment in 11 months

Total registered foreign direct investment (FDI) into Vietnam, including new and additional investments, and capital contributions via share purchases, reached 31.4 billion USD in the first 11 months of 2024.
Rice exports to set record of 9 million tonnes this year

Rice exports to set record of 9 million tonnes this year

Rice exports are likely to hit a record high of 9 million tonnes in 2024, given a total volume of nearly 8.5 million tonnes shipped abroad in the first 11 months, according to insiders.
Three goals, seven tasks for the logistics industry to accelerate

Three goals, seven tasks for the logistics industry to accelerate

VCN - Speaking at the Vietnam Logistics Forum 2024, Prime Minister Pham Minh Chinh pointed out 3 goals and 7 groups of tasks for the logistics industry to accelerate development in the new situation.

More News

Several key commodities surge in Asian and African markets

Several key commodities surge in Asian and African markets

VCN - Many of Vietnam's key commodities hold significant potential for growth in the Asian and African markets.
Sustainable production will bring advantages to Vietnamese pepper and spices

Sustainable production will bring advantages to Vietnamese pepper and spices

VCN - Adjusting production and adapting to new requirements is key for Vietnam to maintain its leading position in the international market of pepper and spices.
Rubber industry adaptive to EU Deforestation Regulation

Rubber industry adaptive to EU Deforestation Regulation

Vietnam's rubber sector in general, and processing and export enterprises in particular have taken actions to comply with the EU’s Deforestation Regulation (EUDR) in order to avoid any impact on rubber exports to the EU market.
Green export a vital part of future Vietnamese economy: forum

Green export a vital part of future Vietnamese economy: forum

A forum on green export promotion was held in Hanoi on December 4 to help Vietnamese enterprises switch to sustainable and low-carbon growth models and improve their competitiveness amidst globalisation.
Vietnam ranks in top 11 largest exporters globally

Vietnam ranks in top 11 largest exporters globally

From being a minor exporter prior to 2013, Vietnam rose to number eleven in the global rankings of top exporters by 2023, emerging as a surprise player in global trade.
Vietnam’s trade activity declines in early November despite strong year-to-date growth

Vietnam’s trade activity declines in early November despite strong year-to-date growth

VCN - Vietnam’s import-export activity showed signs of slowing in the first half of November, with total trade turnover reaching US$33.44 billion, a 9.7% drop (equivalent to US$3.58 billion) compared to the second half of October, according to preliminary data from the General Department of Vietnam Customs.
Vietnamese goods in the face of the cross-border e-commerce "whirlwind"

Vietnamese goods in the face of the cross-border e-commerce "whirlwind"

VCN - In order to compete with goods on cross-border e-commerce platforms entering Vietnam, experts and businesses recommend that in addition to improving product quality and lowering costs, it is necessary to remove bottlenecks in transportation and delivery.
Shrimp export prospects at the end of the year

Shrimp export prospects at the end of the year

VCN- Demand for seafood imports in key markets are soaring, helping Vietnam's seafood exports record impressive growth. In particular, shrimp exports are recording many positive results.
Forum seeks to boost Vietnam-China agro-forestry-fisheries trade

Forum seeks to boost Vietnam-China agro-forestry-fisheries trade

A forum was held in the northern border province of Lang Son on December 3 to seek ways to enhance the agro-forestry-fisheries trade between Vietnam and its neighbour China.
Read More

Your care

Latest Most read
Textile and garment exports optimistic thanks to market opportunities

Textile and garment exports optimistic thanks to market opportunities

VCN - In the third quarter of 2024, the textile and garment industry recorded impressive business results, with an export turnover of US $12.4 billion, an increase of over 13% over the same period and an increase of 22% compared to the second quarter of 2
Vietnam attracts nearly 31.4 billion USD in foreign investment in 11 months

Vietnam attracts nearly 31.4 billion USD in foreign investment in 11 months

Total registered foreign direct investment (FDI) into Vietnam, including new and additional investments, and capital contributions via share purchases, reached 31.4 billion USD in the first 11 months of 2024.
Rice exports to set record of 9 million tonnes this year

Rice exports to set record of 9 million tonnes this year

Rice exports are likely to hit a record high of 9 million tonnes in 2024, given a total volume of nearly 8.5 million tonnes shipped abroad in the first 11 months, according to insiders.
Three goals, seven tasks for the logistics industry to accelerate

Three goals, seven tasks for the logistics industry to accelerate

VCN - On December 2, 2024, the Vietnam Logistics Forum 2024 with the theme "Free Trade Zone - Breakthrough Solutions to Promote Logistics Growth" was organized by the Ministry of Industry and Trade in coordination with the People's Committee of Ba Ria - V
Several key commodities surge in Asian and African markets

Several key commodities surge in Asian and African markets

VCN - According to Mr. Dang Phuc Nguyen, Secretary General of the Vietnam Fruit and Vegetables Association (VINAFRUIT), Vietnam's geographical location places it adjacent to one of the world's largest fruit and vegetable consumption markets, China, which
Mobile Version