Seafood exports to reach $9B target this year

By Dat Nguyen October 27, 2023 | 04:26 pm PT

Fishermen catch tuna off the coast of the central province of Khanh Hoa. Photo by VnExpress/Bui Toan

Vietnam’s seafood exports are set to reach the country’s 2023 $9-billion target thanks to signs of recovery in key categories over the last three months, according to an industry association.

Shrimp exports plunged 28% in the second quarter but the drop was narrowed to 13% in the third, reported the Vietnam Association of Seafood Exporters and Producers (VASEP).

Pangasius fell 12% in the third quarter against 41% in the second, and the respective figures for tuna were 8% and 31%. Crab rose 2% year-on-year.

Total exports in the third quarter fell 12%, the smallest quarterly drop so far this year.

Exporters have seen rising demand from the Middle East in recent years amid global geopolitical tensions and inflation.

The region imported 2% more seafood from Vietnam in the third quarter compared to the same period last year, while key markets such as the U.S., the U.S., China and South Korea all fell by double-digit figures.

But there are reasons to expect a rise in demand from the U.S. and China in Q4, according to a VASEP report.

Thus, the report stated, the annual target of $9 billion can be reached, even though an overall decline of 17% in exports from 2022 is predicted.