The Vietnam Association of Seafood Exporters and Producers (VASEP) has reported that export turnover of seafood in the third quarter of 2022 reached $8.5 billion, up 38 per cent year-on-year, and has forecast that the annual target will be reached earlier than planned.

Exports of major aquatic products all increased year-on-year in the first nine months. Pangasius again posted the highest growth, of 97 per cent, to $161 million. Inflation cut into demand for many seafood products, but pangasius still holds advantages from its affordability.

In terms of markets, exports to the US were down 11 per cent in September, to $140 million. The country was overtaken by China as Vietnam’s largest market, while exports to the EU and South Korea increased 31 per cent and 19 per cent, respectively.

Ms. Le Hang, Deputy Director of Training Center and Trade Promotion at VASEP, said that while exports to some markets declined in September, the Chinese market grew 97 per cent year-on-year, posting turnover of $153 million in the month.

Regarding the fourth quarter, she said that although China is an unpredictable market, it will still be the target of Vietnamese seafood enterprises in the closing months of the year because demand is recovering and it holds a favorable geographical location, especially in the context of transportation costs and congestion remaining major problems in global trade.

Though export and turnover growth tend to ease in the final quarter of a year, VASEP has forecast that the annual export target of $10 billion set by the Ministry of Agriculture and Rural Development at the beginning of the year will be reached by the end of November.