Image: VASEP

Vietnam seafood exports broke many records in 2022

VASEP and seafood enterprises held a celebration of seafood export reaching 10 billion USD celebrating the successful results of a long journey conquering the world market for more than 20 years. 2022 is a year of many records for the seafood industry. Seafood exports broke a record of 11 billion USD, of which the shrimp industry reached a record sales of over 4.3 billion USD. Pangasius exports will reach 2.4 billion USD, a record high and record annual growth of 70%. Tuna also became a billion-dollar industry for the first time.

Not only these sectors broke the records but seafood exports in most markets also achieved impressive growth. In which, exports to the US will reach more than 2.1 billion USD by the end of the year.

U.S. panga imports trend. Source: VASEP

The Chinese and HongKong market also hit the $1.8 billion mark for the first time in terms of value of seafood imported from Vietnam, with a growth rate of 57%. 2022 is also the first year China overtakes Japan to become the second largest Vietnam seafood import market.

However, in terms of proportion, both Japan and China account for 16% of Vietnam's seafood export value. Compared to 2021, seafood exports to Japan also recorded a relatively high growth of 31%.

31% is also the growth rate of the whole CPTPP* market in 2022. It is estimated that seafood exports to this market will reach nearly $2.9 billion this year, accounting for more than 26% of Vietnam's seafood export proportion.  In spite of high low demand and high competitiveness,  Vietnamese seafood enterprises  have effectively utilized  the advantage of tariffs in this market.

ASEAN**countries are also potential and favorable destinations for seafood enterprises this year with 27% growth expected to bring in sales of 767 million USD, accounting for 7% of the country's exports. The advantage of geographical location and economic stability of this region is the driving force for enterprises to boost exports to this market.

Photo: VASEP/FIS --->

Exports to the EU and South Korea by the end of November both recorded high growth of 26% and 22%. It is expected that by the end of this year, these two markets will bring in $ 1.3 billion and over $ 950 million respectively, both of which are record high results.

The advantages in 2022 such as high demand, increased export prices, stable supply have been and will no longer continue in the fourth quarter of this year and the first quarter of next year. Inflation penetrated deeply into the economies of the countries, causing demand and orders to drop sharply. Therefore, it is forecasted that exports in the first quarter of 2023 will decrease significantly compared to the fourth quarter and compared to the same period last year.

However, the seafood industry still has an optimistic outlook for the seafood exports in 2023. Enterprises should focus on markets with more stable economies, less affected by inflation, such as ASEAN, the Middle East and the CPTPP countries.

In particular, China's removal of strict control regulations for imported goods such as testing, sterilization and quarantine will clear a major bottleneck, opening more doors for exports to the world's most populous market. The consumption of a country of 1.5 billion people will not be able to keep up with the domestic supply that has been interrupted and limited in the past few years because of the zero-Covid policy. That will be an opportunity and advantage for Vietnamese enterprises in the coming time.

Photo: VASEP

But most importantly, seafood enterprises need to be  well- prepared with resources, raw materials, production capital and conditions, so that when the market stabilizes and recovers, they can quickly increase exports and win market share ahead of strong competitors such as Ecuador, India, China and other markets.

With a favorable production and business environment, the efforts, dynamism and flexibility of seafood enterprises will continue to bring positive export sales in the coming year.

Author: Thuy Linh / VASEP

(*)Comprehensive and Progressive Agreement for Trans-Pacific Partnership, also known as TPP11 or TPP-11

(**) Association of Southeast Asian Nations

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