Aquatic product exports likely to reach $9B this year: VASEP

According to VASEP, in the best scenario with a recovery of the market and a stable supply of raw materials, seafood exports in the remaining five months of 2023 may reach over $4 billion, bringing the total export value in 2023 to $9 billion and representing a decline of 15-16% compared to 2022.

Of which, the export value is forecasted to plunge by 28% for pangasius to $1.7-1.8 billion, and 16-18% for shrimp to about 3.5-3.6 billion. Exports of tuna and squid-octopus will decrease by 14-15% to $870 million and $650 million, respectively.

VASEP’s communications director Le Hang said seafood exports are expected to recover as the economic performance of major markets is forecasted to be more positive in the second half of the year, while the import demand of markets such as the US and China is tending to increase again. Those markets have lower inventory and are preparing supplies for their year-end festivities and the new year.

Enterprises and the seafood supply chains are supported in terms of capital in a timely manner as well as production and business conditions to maintain stable supply of raw materials for export contracts in the future, Hang said.

Meanwhile, Vietnam's export seafood products have stable supply and competitive prices compared to other countries, she said.

According to VASEP, seafood exports in the first seven months of this year were estimated to reach nearly $5 billion, down 25% year-on-year. Among key products, pangasius had the strongest reduction at 36% in exports compared to the same period of last year, followed by shrimp and tuna (down 27%).