Vietnam is predicted to face challenges in realizing its 10-billion-USD goal in aquatic export value in the third quarter of 2023, heard a conference held by the Vietnam Association of Seafood Exporters and Producers (VASEP) held in Ho Chi Minh City on June 12.
According to VASEP, Vietnam’s aquatic exports reached only over 3.2 billion USD in the first five months of the year, falling nearly 30% compared to the same period last year.
The decline ranged from 10% to 50% in all main export markets, with the US experiencing the sharpest decline (50%), followed by the European Union (nearly 32%) and China (over 25%).
Major seafood export items in Vietnam have recorded double-digit decreases. The shrimp exports witnessed the worst with a 34% drop compared to the same period last year, reaching 1.2 billion USD while the exports of tra fish and tuna reached 841 million USD and 317 million USD, down 30% and 31%, respectively.
VASEP General Secretary Truong Dinh Hoe said the market demand continued to weaken, and supply exceeded demand in the first half of 2023.
He touched upon the situation of the large inventory and weak consumption, saying that importers are limiting their purchases or only importing at lower prices, which has resulted in a drop in the export value of aquatic products.
The domestic consumption demand has not shown a strong recovery due to the reduction or loss of income of consumers as a result of the COVID-19 pandemic, he said.
According to VASEP President Nguyen Thi Thu Sac, the US, and China – the two largest importers of Vietnamese aquatic products, have experienced the most significant decline.
Many forecasts stated that the seafood demand in many markets may continue to decline in the third quarter of 2023 instead of recovering as previously anticipated, she added.