Vietnam’s aquatic export recovery has yet to meet expectations although the negative growth rate has been eased, prompting businesses to further explore small markets in order to raise their sales.
Vietnam ships abroad some 846 million USD worth of aquatic products in August. (Photo: VNA)
HCM City (VNA) – Vietnam’s aquatic export recovery has yet to meet expectations although the negative growthrate has been eased, prompting businesses to further explore small marketsin order to raise their sales.
The Vietnam Association of Seafood Exporters andProducers (VASEP) reported that the country shipped abroad some 846 million USDworth of aquatic products in August, much higherthan that in previous months, pushing the eight-month revenue to nearly 5.8 billion USD.
However,the export market is unpredictable this year, the association said, elaboratingthat after the value reached 808 million USD in May, it got bogged down in the two subsequent months, which was unusual as compared with previous years.
VASEP’s Communications Director Le Hang explained that the global economic slowdownand high inventories by enterprises have resulted in demand contraction andprice competition.
Given export difficulties in such major markets as the US and China, tra fishexporters are pinning their hope on smaller ones like Germany, New Zealand, andSweden, which saw year-on-year increases of 25%, 17%, and 25% in revenue,respectively.
Forshrimp exports, although rosy signs were seen in the US market, the stagnation hasremained in the markets of Japan and the Republic of Korea (RoK) since March.
Notably, Vietnam’s tuna exports to the RoK rose impressively, exceeding 7 millionUSD in the first seven months of this year, a 2.5-fold increase from the sameperiod last year.
Vietnam's canned tuna accounts for nearly 77% of the RoK's total import of thisproduct.
VASEP forecast that the country’s aquatic export revenuewill top 9 billion USD this year./.
Despite a sharp fall in exports before the end of 2022 due to global inflation, tuna still brought home 1 billion USD in revenue last year, up 34% from 2021, becoming a billion-dollar commodity for the first time, data showed.
Vietnam’s aquatic product exports in April plummeted 28% year-on-year to 810 million USD, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
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Vietnam ships abroad some 846 million USD worth of aquatic products in August. (Photo: VNA) 
