Exports exceed $10 billion, seafood industry makes history

On the evening of December 10 in Ho Chi Minh City, the Vietnam Association of Seafood Exporters and Producers (VASEP) held a "Celebration of seafood export reaching $10 billion".

According to Mr. Truong Dinh Hoe, General Secretary of VASEP, in November 2022, for the first time since the beginning of the year, seafood export growth fell to a negative level (down more than 14%) compared to the same period last year. It only reached about $780 million, which is the lowest level since the 2022 Lunar New Year.

However, accumulated by the end of November 2022, Vietnam's seafood export reached $10.2 billion, up nearly 28% over the same period in 2021. As a consequence, this is the first time seafood exports have exceeded $10 billion in a year.

This important milestone was achieved thanks to the strong growth of seafood exports in the first three quarters of the year. That growth was primarily due to a strong recovery in market demand in most major import markets, especially the US, EU, and China. The high price of exported seafood, on average from 15 to 60%, is also an important reason for the strong growth in the first 3 quarters of the year.

Effectively taking advantage of tariff advantages in the market in the CPTPP bloc also contributed significantly to the achievement of seafood exports, when exports to CPTPP countries increased by 30%. Besides, there are other reasons such as trade promotion programs connecting and re-deploying after Covid-19. This helped export increase sharply from March to August. The reserve of aquatic raw materials is quite abundant from the end of 2021...

In addition to the common milestone of $10 billion in seafood export, the export of some key products had and will achieve important milestones this year. As with shrimp, by the end of November, it surpassed the $4 billion mark for the first time. Tuna exports by the end of November reached $941 million and are aiming to hit the $1 billion mark for the first time by the end of the year.

The US market contributed the largest amount of foreign currency to Vietnamese seafood with over $2 billion by the end of November. This is an increase of nearly 10% over the same period in 2021. Exports to China - Hong Kong and the Japanese market achieved similar sales, about $1.6 billion. The EU market by the end of November brought in over $1.2 billion in Vietnamese seafood and over $882 million in South Korea. The bloc of CPTPP countries (including Japan) accounted for over 26% of Vietnam's total seafood export turnover. Total seafood export turnover reached nearly $2.7 billion in the first 11 months of the year, up 34% over the same period.

Speaking at the ceremony, Deputy Minister of MARD Phung Duc Tien said: “In 2022, seafood exports faced many fluctuations and difficulties. Including the consequences of the Covid-19 pandemic, the Russia-Ukraine conflict, price inflation in the country and markets, the sharp increase in production and business costs, and fluctuations in foreign exchange rates,...

In that context, thanks to the stable and favorable economy and business environment in Vietnam, Vietnamese seafood businesses have turned challenges into opportunities. They take advantage of FTAs as well as market demand to boost exports in 2022. As a result, by the end of November 2022, the country's seafood export has reached more than $10 billion. It is expected that by the end of 2022, Vietnam's seafood exports will reach the goal of $11 billion, up 25% compared to 2021. This is a historical record of Vietnam's seafood industry after more than 20 years of participating in the world market."

According to Deputy Minister Phung Duc Tien, in 2022, it is estimated that the seafood industry will account for 3% of Vietnam's total export of goods. Compared to the total export turnover of the domestic economic sector, the fisheries sector contributes nearly 12% of the value. On the world seafood export map, Vietnam is the third largest exporter, accounting for over 7% market share in the world market, just behind China and Norway.

According to VASEP, Vietnam exported over 180 aquatic species in 2022. By the end of November, pangasius increased by 63% (reaching nearly $2.3 billion) and tuna increased by 40% (reaching $941 million). Some products made a strong breakthrough and accounted for a significant proportion of total export sales. Including: Squid increased by 42%, reaching $372 million, accounting for 3.8% of the total seafood export value; lobster increased more than 9 times, reaching $224 million, accounting for 2.3%; anchovies increased by 64% with $164 million, accounting for 1.7%; salmon increased 37% to $277 million, accounting for 2.3%.

In addition, many small marine fish species with export value achieved a breakthrough growth rate of up to 3 digits.