Vietnam’s seafood exports are expected to increase sharply

Market Information
icon date25/07/2023

According to the announcement of the Vietnam Association of Seafood Exporters and Producers (VASEP), abbreviated as VASEP, seafood export this year is expected to reach a turnover of about 11 billion USD.

Export of Vietnamese seafood in recent years
In recent years, Vietnam’s seafood export is considered a golden development in the economy, reaching a record of about 11 billion USD, up 23.8% over the same period in 2021.
In which, Vietnam’s seafood exports include: brackish water shrimp with over 4.1-4.2 billion USD, up about 13% compared to 2021, pangasius reaching 2.35 billion USD, up about 70% compared to 2021.
In 2023, Vietnam’s seafood industry will face many difficulties and challenges. This is the issue of removing the IUU yellow card, moreover, according to the latest assessment of the World Bank, the global growth rate will slow down in 2023, which will also affect all Vietnam import markets.
The representative of the business is Ms. Le Hang – Communications Director of the Vietnam Association of Seafood Exporters and Producers, said that the advantages of the seafood export market in the fourth quarter of 2022 and the first quarter of 2023 will no longer be inflation.
Through the above speech, the seafood industry has applied the positive points and gained many achievements with the highest turnover in recent years. Currently, the seafood export industry in Vietnam has reached the threshold of 11 billion USD and ranks third in the world.
Mr. Phung Duc Tien cum Deputy Minister of Agriculture and Rural Development said that this is also our country’s efforts in the value chain of the seafood industry, processing and exporting seafood.
Challenges and opportunities for Vietnam’s seafood export industry in 2023
Some limitations, challenges
According to survey results on Vietnam’s seafood export market, there are more than 117 seafood enterprises in direct and online form.
Of which, more than 71% of businesses think that the prospect of the seafood industry in 2023 will be difficult, more than 22% of businesses think it will be very difficult and only about 7% of businesses are optimistic about the picture of the seafood industry in the coming time.
There are three basic reasons why businesses are concerned about seafood export activities in 2023: tight capital, exchange rate fluctuations, recession in the world economy, and inflation that reduces demand, leading to competition with low-cost competitors.
Opportunities for seafood export industry
A big question raised in many Vietnamese enterprises is what solution to cut costs and increase labor efficiency?
The safe solution chosen by many businesses is to use modern technology, save energy and effectively manage inventory.
Moreover, it is necessary to equip machines and materials to carry out seafood export activities, and at the same time, take many measures to improve labor efficiency in the export process.
Mr. Dao Ngoc Long, Director of GreenPan Joint Stock Company, said: It is necessary to come up with many optimal measures to make enterprises invest at reasonable prices and increase quality, reduce operating costs, and increase the competitive advantage of enterprises when participating in exporting in the world.
Another opinion from Mr. Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Exporters and Producers, said that currently, Vietnam’s seafood industry is being affected, after covid 19, the supply chain has been broken and has not been fully restored.
In order to make Vietnam’s seafood exports increase sharply, businesses also need to pay attention to high-quality farming. At the same time, the issues of feed for the aquaculture industry should pay attention to food safety and hygiene to minimize risks in the breeding process.
It is necessary to plan a corresponding land area to serve aquaculture well, to have a consistent and long-term policy, on the basis of which people can cultivate stably and get the right investment in the current situation.
It can be seen that, besides the opportunities, there are still many great challenges for the seafood export industry in Vietnam, so it is necessary to pay attention to the export market as well as the problems of storage, warehousing, tariffs, and logistics solutions.

The focus to be solved in 2023 in the seafood export industry is on capital sources and production flexibility of enterprises in the short and long term.