Despite a downturn in the export of aquatic products in the first month of 2023, local exporters remain optimistic that the market will recover from the second quarter of this year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

The seafood industry grew rapidly in the third quarter of last year, but there are signs of a slowdown in the fourth quarter and it is expected to continue this year, particularly in large markets.

VOV.VN - Despite Vietnamese seafood exports reaching a record high of US$11 billion last year, the fisheries sector is anticipated to encounter numerous difficulties in the year ahead due to high inflation globally which will lead to consumers moving to tighten their spending.

VOV.VN - Vietnamese seafood exports to the Chinese market are forecast to record strong growth after northern neighbour is scheduled to reopen its borders on January 8, according to industry insiders.

In the first nine months of 2022, Vietnam was the third largest seafood supplier for the US in terms of volume and the 5th largest in value, data from the US National Marine Fisheries Service showed.

VOV.VN - Vietnam’s seafood exports to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) markets have increased considerably over the past three years since the trade pact came into force, making up one fourth of the country’s total seafood exports annually.

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).

Vietnam has been doing its utmost to fight Illegal, Unreported and Unregulated (IUU) fishing in an attempt to lift the European Commission (EC)’s “yellow card” warning against its seafood exports and avoid a “red card” which could lead to a trade ban.

VOV.VN - Vietnam has earned US$8.5 billion from seafood exports during the past three quarters, up 38% year on year, and the seafood export value is likely to hit US$10 billion by the end of November, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

VOV.VN - Vietnamese seafood exports during the opening eight months of the year surged by 33% to US$2.8 billion against the same period from last year, according to details given by the Vietnam Association of Seafood Exporters and Producers (VASEP).