A “Celebration of seafood exports exceeding USD 10 billion” was held on December 10th in the evening in Ho Chi Minh City by the Vietnam Association of Seafood Exporters and Producers (VASEP).
Mr. Truong Dinh Hoe, General Secretary of VASEP, claims that in November 2022, for the first time since the beginning of the FY year, the growth rate of seafood exports fell to an adverse level (down more than 14%). The amount was only USD 780 million, the lowest since the Lunar New Year of 2022.
When all was said and done, Vietnam seafood exports had grown by about 28% to USD 10 billion by the end of November 2022. As a result, this is the first year that seafood exports have surpassed USD 10 billion.
The significant increase in seafood exports throughout the year’s first 3 quarters helped to accomplish this important milestone. The US, EU, and China experienced a significant recovery in market demand, which was the driving force behind that increase. The sharp increase in the first 3 quarters of the year is also heavily caused by the high price of exported seafood, which ranged from 15% to 60% on average.
As a result of using tariff benefits on the market within the CPTPP group, seafood exports to CPTPP nations rose by 30%. Other factors include the connection and re-deployment of trade promotion activities after COVID-19. This contributed to exports rising significantly from March to August. And since the end of 2021, there is a significant amount of aquatic raw material available in stock.
Along with the record of hitting USD 10 billion in seafood exports, this year saw significant milestones for the export of a few major products. Like shrimp, it first surpassed the USD 4 billion mark at the end of November. By the end of November, tuna exports had reached USD 941 million, and by the end of the year, they wanted to exceed USD 1 billion for the first time.
By the end of November, the US market had contributed more than USD 2 billion in foreign currency to the Vietnamese seafood industry. This represents a rise of almost 10% from the same time in 2021. Approximately USD 1.6 billion in exports were made to China, Hong Kong, and the Japanese market. Vietnamese seafood and USD 882 million from South Korea were exported to the EU market by the end of November. Over 26% of Vietnam’s total seafood export earnings came from CPTPP countries, including Japan. During the first 11 months of the year, seafood exports increased by 34% to about USD 2.7 billion.
During the ceremony, Phung Duc Tien, deputy minister of MARD, said: “In 2022, seafood exports faced many fluctuations and difficulties. Including the consequences of the Covid-19 pandemic, the Ukraine crisis, price inflation in the country and markets, the sharp increase in production and business costs, and fluctuations in foreign exchange rates.
In that context, thanks to the stable and favorable economy and business environment in Vietnam, Vietnamese seafood businesses have turned challenges into opportunities. They take advantage of FTAs as well as market demand to boost exports in 2022. As a result, by the end of November 2022, Vietnam seafood export has reached more than USD 10 billion. It is expected that by the end of 2022, Vietnam’s seafood exports will reach the goal of USD 11 billion, up 25% compared to 2021. This is a historical record of Vietnam’s seafood industry after more than 20 years of participating in the world market.”
According to Deputy Minister Phung Duc Tien, the seafood sector is predicted to contribute 3% of Vietnam’s total exports in 2022. The fisheries industry makes up almost 12% of the value of the domestic economy’s overall export turnover. Vietnam ranks third among seafood exporters globally, with a market share of more than 7%, only behind China and Norway.
Vietnam exported more than 180 aquatic species in 2022, according to VASEP. Pangasius export climbed by 63% (to over USD 2.3 billion) by the end of November, and tuna increased by 40% (to USD 941 million). Some products saw tremendous success and made up a significant share of all export sales. Squid rose by 42% to USD 372 million, representing 3.8% of the total value of seafood exported. Lobster increased by more than 9 times to USD 224 million, representing 2.3%; anchovies increased by 64% to USD 164 million, representing 1.7%; and salmon increased by 37% to USD 277 million, representing 2.3%.
In addition, several small marine fish species with a high export value saw a breakthrough growth rate of up to 3 digits.
Tariq Iqbal via Vietnam Agriculture Magazine
Khulna, Bangladesh
