Vietnam earned nearly $4.2 billion from seafood exports in the first half of this year, down 27 per cent compared to the same period last year, according the Vietnam Association of Seafood Exporters and Processors (VASEP).

Among key products, shrimp exports stood at $1.6 billion, a year-on-year decline of 31 per cent, and tra fish $885 million, down 38 per cent.

The fall in exports was blamed on low consumption demand, rising prices of production materials and inflation, as well as tightened control relating to food safety and hygiene and illegal, unreported and unregulated fishing (IUU) regulations in markets like the EU, according to VASEP.

Vietnam is also facing fiercer competition from countries such as Ecuador and India.

However, VASEP forecast that seafood exports would gradually recover in the second half of the year due to positive signs from consumption markets, with orders increasing for the festive season at year-end.