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Seafood exports set a new record

By the end of November, seafood exports had reached US$10.17 billion, up nearly 28% over the same period last year, setting a new record for Vietnam's seafood industry even though the year has not yet ended.


Source: Unsplash


This is information given by the Vietnam Association of Seafood Exporters and Producers (VASEP) at the "Celebration of seafood exports reaching USD10 billion" held on the afternoon of December 10, in Ho Chi Minh City.


Mr. Phung Duc Tien - Deputy Minister of Agriculture and Rural Development - said that seafood exports made a strong breakthrough, setting a record thanks to favorable factors of the first half of the year such as high import demand, and high export prices. Exports to markets increased sharply by 15-50% and abundant raw materials from inventories after the COVID-19 wave in the third quarter of 2021.


Besides, thanks to the stable and favorable economy and business environment in Vietnam, Vietnamese seafood enterprises have turned challenges into opportunities, taking advantage of FTA agreements as well as market demand to boost exports in 2022.


According to Mr. Tien, it is expected that by the end of 2022, Vietnam's seafood exports will still reach the target of USD11 billion, up 25% compared to 2021 - The historical record of Vietnam's seafood industry after more than 20 years of participating in the world market.


Witnessing impressive growth numbers, however, according to VASEP, since November 2022, the situation has worsened. November was the first time since the beginning of the year that seafood export growth fell to a negative level (down over 14%) over the same period last year, reaching only about USD780 million, the lowest level since the Lunar New Year.


Deputy Minister Phung Duc Tien said that 2023 will continue to be a difficult year because of the world economic recession and domestic inflation and production and gasoline costs continue to increase, pulling prices and reducing the competitiveness of aquatic products; Many importers cancel/delay receiving goods, causing increased storage costs and other logistics costs…



SEAFOOD INDUSTRY REPORT - 11/2022


Source: Cafef

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