Seafood exports rise by 34% over 10 months

VOV.VN - Vietnam’s seafood exports recorded annual growth of 34% over the past 10 months of year, reaching US$9.5 billion, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Shrimp exports alone topped US$3.8 billion, up 19% year on year, and the export value is anticipated to hit over US$4.4 billion by the end of the year, an annual increase of 14%.

White-leg shrimps remain the most popular export product, bringing in over US$3.2 billion and accounting for 75% of the country’s total shrimp exports. Elsewhere, the export turnover from black tiger shrimps hit roughly US$0.5 billion, making up 13% of the total.

Moreover, pangasius exports witnessed an impressive growth, fetching US$2.2 billion in value, representing an annual increase of 80%. If the impressive growth is maintained in the remaining months of the year, 2022’s export value of the product is projected to rise 58% year on year to over US$2.5 billion.

According to several businesses, this year has seen plenty of volatility hit the global economy, particularly through inflation and the Russia-Ukraine conflict, a factor which has negatively impacted most export items. However, white fish products such as pangasius which have an affordable prices have been able to increase their export sales to other markets.

Meanwhile, tuna and octopus exports enjoyed growth of 50% and 32% in the Jan. – Oct. period respectively, VASEP reports. It is forecast that by the end of the year tuna will join the group of items with export value of more than US$1 billion each.

VASEP expects Vietnamese seafood exports are likely to hit more than US$10 billion this year, a record milestone in the Vietnamese seafood industry after more than 20 years of penetrating the global market.

Le Hang, deputy director of the Training Center and Trade Promotion at VASEP, says despite market difficulties Vietnamese seafood firms are well taking advantage of various free trade agreements signed by Vietnam and partners, as well as changing market demands, to boost exports.

Vietnam makes up the third largest seafood exporter behind only China and Norway. It is therefore estimated that Vietnamese seafood will account for more than a 7% market share in the world seafood market moving forward.

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