Seafood exports unlikely to reach $10bln annual target

It has been estimated that Vietnam’s seafood exports will fetch over $9 billion this year, short of the targeted $10 billion and down 15-16 per cent year-on-year.

In the first seven months of the year, seafood exports reached nearly $5 billion, a year-on-year decline of 25 per cent, a report from the Vietnam Association of Seafood Exporters and Producers (VASEP) revealed.

In July alone, seafood posted $830 million in export value, down 11 per cent against July 2022.

According to VASEP, there are three significant elements in achieving a positive scenario for the seafood sector in the closing months of the year.

First, economic developments in major markets are forecast to be more positive in the second half and import demand from markets like the US and China will tend to increase once again.

Second, seafood supply chains have received timely support in terms of capital, production, and business conditions to maintain a stable supply of raw materials, ensuring the availability of goods to meet market demand.

Third, export products with stable supply have reduced prices to a level that is competitive with other countries.

Under such a scenario, seafood exports are likely to reach over $4 billion in the closing months of 2023, bringing the year’s total to over $9 billion.

The Chinese market still holds great expectations for seafood enterprises, but some analysts have predicted that the country’s economic growth will be not as good as expected, causing consumer demand to fall sharply.

VASEP General Secretary Truong Dinh Hoe said it is key for domestic seafood enterprises to continue maintaining close contact with importers to preserve markets with significant demand so that Vietnam’s exports can post strong growth in the recovery period.

He also stressed the significance of carrying out trade promotions to expand markets and to improve product quality through activities related to international certification and issues in the green economy to protect the Vietnamese products and boost their presence in the international market.