Seafood production and exportation continued to slow in the first quarter of 2023 due to declining demand in most markets as production costs keep increasing, creating a range of difficulties for businesses, according to the Vietnam Association of Seafood Export and Processing (VASEP)

Export revenue was $1.1 billion in the first two months, down 29 per cent year-on-year, according to VASEP.

Major markets are the US, Europe, Japan, and China, but exports to all are down.

Meanwhile, the price of input materials for the production of aquaculture feed has increased, leading to higher production costs. The price of Vietnamese raw shrimp, as a result, is 20-30 per cent higher than the price of raw shrimp from India and Ecuador.

In order to help address the obstacles and boost exports, Deputy Minister of Agriculture and Rural Development Phung Duc Tien held a working session with VASEP and seafood enterprises in Ho Chi Minh City on March 27.