Vietnam’s seafood exports have made outstanding progress over the past 25 years, from $800 million in value in 1998 to $11 billion in 2022, the Vietnam Association of Seafood Exporters and Producers (VASEP) reported at a meeting in Ho Chi Minh City on June 12 to mark its 25th anniversary.

To date, 692 of 847 seafood processing plants of industrial scale in Vietnam have been granted EU codes to export to the bloc.

The growth over time was attributed to efforts by relevant ministries, agencies, and businesses to expand markets via trade promotion programs and domestic and international trade fairs, according to VASEP.

In particular, the Association and businesses have strived to overcome international trade barriers to boost exports, improve competitiveness, and raise the profile of Vietnamese seafood.

However, 2023 has seen a decline in exports due to the negative impact of the global economic recession and inflation as well as difficulties facing domestic production and trade. The seafood sector also suffers from competitive pressure from other countries such as Ecuador, India, and Indonesia.

Figures from VASEP show that seafood exports in the first five months of 2023 stood at over $3.2 billion, down nearly 30 per cent year-on-year.

Exports to key markets were down by 10-50 per cent, especially the US, by around 50 per cent, the EU, by nearly 32 per cent, and China, by over 25 per cent.

The exports of many major seafood products declined, such as shrimp, by nearly 36 per cent, tra fish 40 per cent, and tuna 30 per cent.

Meanwhile, demand is forecast to continue to fall in key markets. The ongoing Russia - Ukraine conflict, coupled with high inflation and tight monetary policies, will continue to impact the global economy. As a result, any recovery in seafood demand in several markets during the third quarter will be problematic.

To help businesses overcome the difficulties and boost exports, Deputy Minister of Agriculture and Rural Development Phung Duc Tien urged VASEP to intensify trade promotions.

He also emphasized the importance of closely monitoring market developments and providing information to businesses and farmers to help them prepare informed production and export plans.

He also asked VASEP to report problems facing the industry to relevant ministries and agencies so measures can be adopted to resolve them in a timely manner.

Vietnam targets exporting $12.5-14 billion worth of seafood by 2025 and $16-20 billion by 2030, according to VASEP.