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  • Vietnam Navigates Stormy Trade Seas, Eyes $11B Seafood Export Milestone Amid Global Demand Surge

    Vietnam Navigates Stormy Trade Seas, Eyes $11B Seafood Export Milestone Amid Global Demand Surge

    Vietnam’s seafood export industry is on track to hit its projected target of $11 billion this year, despite experiencing slower growth in exports to the U.S. due to increased tariffs. In the first 10 months of the year, exports witnessed a 15% year-on-year increase and reached a figure of $9.5 billion. This surge was primarily driven by shrimp exports, which contributed to more than 40% of the total exports, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

    U.S. Export Slowdown

    The third quarter saw a slow down in exports to the U.S., particularly in shrimp and pangasius, following the 20% tariff on seafood imports from Vietnam, which was implemented in August. However, this slump has not hampered overall growth.

    Emerging Markets and Opportunities

    Promising opportunities for export growth are emerging in other markets, particularly China. In the first 10 months of the year, China purchased over $2 billion worth of seafood from Vietnam, marking a significant increase of 32%. The main products exported to China include lobster, marine fish, and live crab, with demand consistently on the rise.

    Despite a weakening yen, exports to Japan also increased, witnessing a 15.2% rise to $1.4 billion. Other rapidly expanding markets include Canada and Australia.

    Challenges Ahead

    Despite the promising figures, VASEP has cautioned that the fisheries sector could encounter challenges in the coming year. The main concerns comprise the increased tariffs, potential impacts of the U.S. Marine Mammal Protection Act, and the likelihood of the E.U. maintaining its yellow card on Vietnam due to illegal, unreported, and unregulated fishing.

    The competition presented by India, Ecuador, and Indonesia is also expected to intensify in the near future, adding to the list of potential hurdles.

    Questions & Answers

    What factors have contributed to Vietnam’s seafood export growth this year?
    The main factors include a surge in shrimp exports and increasing demand from markets such as China, Japan, Canada, and Australia.

    What challenges could potentially impact the seafood export industry in Vietnam?
    Increased tariffs, potential ramifications from the U.S. Marine Mammal Protection Act, the likelihood of the E.U. continuing its yellow card on Vietnam for illegal fishing practices, and rising competition from India, Ecuador, and Indonesia could pose challenges.

    What is the projected seafood export target for Vietnam this year?
    Vietnam aims to achieve a seafood export target of $11 billion this year.

  • Fisheries exports grow by 6% in H1

    Fisheries exports grow by 6% in H1

    Vietnam’s fisheries exports in the first half of 2024 were worth US$4.4 billion, up 6% year-on-year on higher demand in major markets like the U.S., China and the EU.

    Key items such as shrimp, pangasius and tuna did well, the Vietnam Association of Seafood Exporters and Producers said in its latest report.

    Pangasius accounted for $918 million and tuna for $472 million, up 5% and 23%. Shrimp fetched $1.6 billion, a 6% increase, while exports of other crustaceans jumped by 75% to $125 million.

    The U.S. and EU imported 18% and 56% more tuna. Shrimp exports to China and the EU rose by 17% and 13%.

    Top shrimp exporter Minh Phu said profits for the first half were VND7.2 billion (US$284,000) as against a loss of VND98 billion in the same period last year.

    Its CEO, Le Van Quang, said the company has been receiving more orders than last year and is planning to boost exports to China, Japan, South Korea, Australia, and New Zealand.

    Businesses are optimistic that seafood exports, especially of green and sustainable products, will grow even more in the coming months.

    But the seafood association said some challenges remain, such as fierce competition from Ecuador and India, rising transport costs and a shortage of raw materials for processing.

  • Tuna exports expected to grow by 20% in H1

    Tuna exports expected to grow by 20% in H1

    According to the Vietnam Association of Seafood Exporters and Producers (VASEP), tuna exports are projected to reach US$456.8 millio in the first half of 2024, a 20% year-on-year increase.

    After decreasing in 2023, exports rose by 22% in the first five months of the year to $388 million.

    Shipments of canned tuna products, bagged tuna and frozen loin/fillet increased by 44%, 24%, and 7%. Exports of frozen whole tuna nearly tripled.

    Exports to most markets increased, with those to the U.S. and the E.U., the two largest, rising by 30% and 37% and accounting for 37% and 22% of total exports.

    Exports to Israel, Russia and the Republic of Korea rose by 64%, 58% and 66%.

    Speaking at the association’s annual general conference in HCM City on June 10, Cao Thị Kim Lan, Director of the Binh Dinh Fisheries Joint Stock Company, said in 2023, Vietnam became the world’s 5th largest exporter of tuna behind Thailand, Ecuador, Spain, and China, rising from the 8th place 10 years ago.

    She said exports could reach $1 billion again this year if the raw material shortages are resolved. More than 50% of exports are processed from imported tuna.

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  • Tuna exports rise to year’s highest levels

    Tuna exports rise to year’s highest levels

    Tuna exports rose to US$87 million in August, the highest for the year though 5% down year-on-year, according to the Vietnam Association of Seafood Exporters and Producers.

    VASEP said there were some changes in the export patterns in August.

    After declining steadily, exports to the U.S. increased by 2% bolstered by a 24% jump in shipments of canned tuna.

    But exports for the year-to-date were 45% down from 2022 at US$208 million.

    Exports to the EU saw a 37% surge, including a 45-fold rise in shipments to Italy. Smaller markets like Thailand and the Philippines also bought more tuna.

    Shipments to members of the CPTPP trade deal like Japan, Canada and Mexico fell by 53%, 49% and 14%.

    Exports for the year have been worth $545 million, down 25% from the same period last year.

  • Seafood exporters situation more dire than during Covid

    Seafood exporters situation more dire than during Covid

    Seafood exporters are seeing orders plummet and facing even greater difficulties than during the Covid-19 pandemic.

    In the first five months of this year their exports fell by 28% to $3.37 billion and companies saw a decline of 20-50% in export orders, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

    Prices too have been falling due to the low demand, making it harder for companies to repay bank loans and manage other expenses.

    A severe shortage of raw fish and shrimp is expected in early 2024, VASEP said.

    Seafood exports this year are projected to be $9 billion, or nearly $2 billion less than last year.

    To mitigate the industry’s problems, VASEP has called on the government to reduce bank lending interest rates and make credit more accessible to it.

    It wants the interest rates on U.S. dollar loans to be reduced to below 4% and on dong loans to under 7%.

    It has demanded a rollover of loans by four to six months and a special credit package for small seafood producers.

    It has also proposed that a VND10-trillion stimulus package for the Mekong Delta region that is under consideration should be disbursed early so that exporters can start stockpiling raw materials early.

    Prime Minister Pham Minh Chinh had instructed the State Bank of Vietnam in April to consider such a package.

  • Shrimp exports fall by half in January

    Shrimp exports fall by half in January

    Shrimp exports plummeted by 55% year-on-year in January to US$141 million due to weaker global demand and stronger competition from other countries.

    According to the Vietnam Association of Seafood Exporters and Producers, exports to the U.S. were worth $23 million, down 65%, the sharpest decline among all markets.

    Shipments to the EU were down 55% to $24 million. Vietnam’s largest market, Japan, imported $29 million worth of shrimp, a 47% decline.

    A major reason for the fall in exports was that demand in the EU was weaker because of the impact of inflation and uncertainties related to the Russia-Ukraine conflict.

    Vietnam also saw heightened competition from rivals such as Ecuador and China.

    Shrimp exports would face a lot of challenges this year due to the unfavorable global economic situation, which would drive down demand, and high inventories in many markets, the association said.

    Exporting to Japan is becoming increasingly difficult because of the high hygiene, safety and sustainability standards the country has, it said.

    However, China’s reopening in January would help the Vietnamese fisheries sector realize its export target of over $10 billion this year, including $4 billion worth of shrimps, it added.

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  • Tuna becomes billion-dollar export for first time

    Tuna becomes billion-dollar export for first time

    Despite a sharp fall in exports before the end of 2022 due to global inflation, tuna still brought home US$1 billion in revenue last year, up 34% from 2021, becoming a billion-dollar commodity for the first time, data showed.

    Tuna products of Vietnam were shipped to 99 markets, of which the U.S., the EU, members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Israel, Thailand, Saudi Arabia, Russia, the Philippines, and Egypt were the largest importers, accounting for 92% of total exports, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

    Germany, Spain, and Belgium were the biggest EU buyers of Vietnamese tuna. Notably, shipments to Germany and Spain shot up 161% and 117% last December, respectively.

    Tuna exports to Japan, a CPTPP member, grew fast in the last quarter of 2022. The value surged 131% year on year in December alone, helping raise the export turnover to CPTPP markets to nearly $136 million, up 48%.

    Meanwhile, strong declines were recorded in shipments to many other markets, VASEP said, noting that after dropping in November, tuna exports to the U.S. fell by another 38% in December. However, last year’s exports to this market still rose 44% to approximate $487 million.

    VASEP forecast the export in the first quarter of 2023 will be unable to sustain its 2022 performance, but markets may recover in the latter half of this year. Free trade agreements are the driver for tuna exports in the year’s beginning.

  • New records seen in agro-forestry-fishery exports in 2022

    New records seen in agro-forestry-fishery exports in 2022

    The agro-forestry-fishery sector has made new export records in 2022 thanks to the diversification of markets and products.

    Statistics show that the sector’s export turnover is expected to top $53 billion in the year with a trade surplus of $7.8 billion, up nearly 48% year-on-year.

    Fishery exports would reel in nearly $11 billion, a 20-year high since Vietnam joined the international market. Records have been seen in shrimp, tra fish (pangasius) and tuna exports, with $4.3 billion, $2.4 billion and $1 billion in revenues, respectively.

    Given the 40-year high inflation and currency fluctuations in many markets and surging prices due to the Russia-Ukraine conflict, which have forced importers to consider reducing orders, Vietnamese businesses have flexibly diversified markets and products, according to Director of the Vietnam Association of Seafood Exporters and Producers VASEP’s Trade Promotion and Training Centre Le Hang.

    She held that free trade agreements (FTAs), especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), have significantly benefited the domestic fishery industry, explaining that exports to the CPTPP markets expanded by 30% to make up 26-27% of the country’s total fishery export value.

    Trade promotion activities both at home and abroad have also played a role in the hikes, Hang added.

    In the year, rice export is also expected to hit a record of 7 million tonnes, said Do Ha Nam, Vice Chairman of the Vietnam Food Association, noting that rice contracts would be maintained in early 2023 thanks to high prices.

    Deputy Director of the Vietnam Academy of Agricultural Sciences Dao The Anh attributed the outstanding results to agricultural restructuring, which has created a firm foundation for the sector to move ahead.

    Many Vietnamese agricultural products have gained access to new markets, for example durian, sweet potato and bird’s nests winning permit to ship to China, pomelo to the US, longan to Japan, and lemon and pomelo to New Zealand.

    The sector will make greater efforts to reach more markets with diverse products, but the achievements in market opening should be maintained, said Hoang Trung, Director of the Plant Protection Department under the Ministry of Agriculture and Rural Development.

    Hang also suggested that the State should issue specific policies on market, tax and capital to better access foreign markets in the time ahead.

    For his part, Anh stressed the need to continue diversifying markets, including China, and satisfy their requirements in food safety and packaging, expressing his belief that ample room will remain for Vietnam’s agro exports next year.

  • Vietnam’s seafood exports nearing $11 bln in 2022

    Vietnam’s seafood exports nearing $11 bln in 2022

    Vietnam’s seafood exports this year could reach $11 billion for the first time, spearheaded by shrimp, pangasius and tuna, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

    Truong Dinh Hoe, VASEP general secretary, said at a conference in HCMC Saturday that by November, seafood exports had already crossed $10 billion, so by the end of the year, it could reach $11 billion for the first time.

    The largest seafood export markets for Vietnam are the U.S., Japan, China and the EU. The EU, the U.S., and China account for 60% of the global seafood trade and 50% of Vietnam’s export turnover in the first ten months of this year.

    Hoe said all sectors of the seafood industry grew 18-77%, but exports began to slow down amid lower purchasing power, higher interest and fluctuating exchange rates. He added that as the world enters a recession and inflation increases, demand is falling globally.

    As such, Vietnam’s seafood industry would face tough competition from competitors that offer lower costs and prices, like Ecuador or India.

    Economist Dinh The Hien said that the global economy would worsen in 2023, directly affecting the seafood industry.

    “However, businesses shouldn’t be too pessimistic; they should search for new opportunities to grow,” he said.

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  • Tuna exports jump by 56 percent in H1

    Tuna exports jump by 56 percent in H1

    Tuna exports in the first six months were worth US$553 million, a 56 percent rise year-on-year, according to data from the Vietnam Association of Seafood Exporters and Producers.

    Exports to the U.S. all but doubled thanks to higher demand, especially for canned tuna.

    Exports to members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) also rose sharply, especially to Canada (up 68 percent), Japan (up 26 percent) and Mexico (up 30 percent).

    The EU market grew the slowest at 7 percent.

    The association expected high growth for tuna export in the second half of the year, with export rising 45 percent from 2021 to $1.1 billion.

    It warned rising fuel prices, which have kept fishing boats on shore, would affect supply.

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  • Vietnam goes past Thailand, becomes Israel’s biggest tuna supplier

    Vietnam goes past Thailand, becomes Israel’s biggest tuna supplier

    Vietnam surpassed Thailand in the first half of this year to become the biggest exporter of tuna to Israel.

    It accounted for 31 percent of Israel’s imports while that country became Vietnam’s third largest market behind the U.S. and Italy.

    Israel bought less tuna from most countries amid the Covid-19 pandemic, but increased its imports from Vietnam, the Vietnam Association of Seafood Exporters and Producers (VASEP) said.

    Latest data from VASEP shows that Vietnam’s exports to Israel jumped by 34 percent during the year until Aug. 15 to nearly $25 million.

    Eight companies ship tuna fish to Israel, but have all complained about Covid-related restrictions hurting their production in recent months.

    VASEP has repeatedly been petitioning the government to quickly vaccinate workers in the fisheries sector to ensure the supply chain is not disrupted.

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  • Tuna exports soar

    Tuna exports soar

    Vietnam exported $74 million worth of tuna in April, a 50 percent year-on-year surge, with the U.S. and E.U. buying more.

    According to the Vietnam Association of Seafood Exporters and Producers (VASEP), tuna exports to the U.S. saw the highest growth with a 56 percent year-on-year surge in April.

    The association also reported a change in the export structure with the export of fresh and frozen tuna to the U.S. rising in April, while that of canned products decreased. Exports to the E.U. and members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTTP) trade pact also saw increases of 31 percent and 42 percent in April, respectively.

    The association said tuna exports to these major markets will continue to rise because preferential tariffs under free trade agreements are attracting foreign importers.

    Vietnam has exported $226 million worth of tuna by the end of April this year, up 15 percent year-on-year, even as the number of importing markets reduced to 63 from 90 last year.

  • Another gloomy year forecast for tuna exports

    Another gloomy year forecast for tuna exports

    Vietnam’s tuna exports declined by 9.8 percent in 2020 due to the impact of the Covid-19 pandemic, and are showing no signs of recovery.

    Analysts point to two reasons for the continuing slump: the unpredictability surrounding the pandemic and intense competition from low-priced Chinese canned tuna in its largest market, the U.S.

    Besides, consumers prefer tuna with the blue MSC label representing certification of the sustainable fishery by the Marine Stewardship Council.

    Tuna exports were worth $649 million last year, according to the Vietnam Association of Seafood Exporters and Producers. Vietnam exports the fish to 108 markets.

    Vietnam’s largest markets after the U.S. are the E.U., Canada, Southeast Asia, and Israel.

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  • International Fish Force Academy Officially Opens

    International Fish Force Academy Officially Opens

    The International Fish Force Academy of Indonesia (IFFAI) has officially opened today on Thursday, March 16, 2017. The inauguration was attended by Maritime Affairs and Fishery Minister Susi Pudjiastuti and National Police Chief Tito Karnavian. “This [academy] is aimed at how to handle criminal cases,” said Minister Susi on Thursday, March 16, 2017.

    The IFFAI academy is a joint effort by the Ministry of Maritime Affairs and Fishery together with Indonesian National Police (Polri) and the 115 Task Force.

    Susi explained that IFFAI is an international-standard school to study about fishery related criminal activities. Fishery crimes are complex and not only involve fish theft. “It also includes human trafficking, forced work, and endangered animal trade.”

    Minister Susi revealed that it would require great skills in handling and a good coordination between agencies to counteract the problem. “Now, information sharing is outstanding in developing an international fisheries fish force,” Susi said.

    According to the head of research and human resource agency at the Marine Affairs and Fishery Ministry, Zulficar Mochtar, there are currently 24 investigators and public prosecutors from the Ministry, Police, Navy, and Supreme Court that are enlisted at the academy.

    Zulficar said that following new criminal modus related to maritime affairs, he hopes that the academy can produce law enforcers that are able to understand and analyze this sort of criminal activities.

    The other purpose of this academy is to continue to build an effective understanding and collaboration between law enforcement agencies and to produce agents of change in the field. Participants will be trained at Jakarta Center for Law Enforcement Cooperation (JCLEC) in Semarang.

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  • Indonesia fishery sector losing its bite

    Indonesia fishery sector losing its bite

    Fishing captain Wahyu Sumantri used to helm a 700-tonne vessel that sailed the Celebes Sea from North Sulawesi. These days, he can be found peddling mie ayam, or chicken noodles, from a push cart in his home town of Kerawang, in West Java, about two hours from Jakarta.

    “Hopefully, this is just like a long break for me and I will land a job at sea again soon,” he told The Sunday Times. The 38-year-old, who has a degree in fishery technology, lost his job last year after the government deemed his vessel illegal because it was not locally built.

    The move was among a series of tough measures introduced by Maritime Affairs and Fisheries Minister Susi Pudjiastuti in late 2014 to tackle illegal fishing across Indonesia.

    It is also a key plank in President Joko Widodo’s bid to transform Indonesia into a maritime power and also improve the livelihoods of its 2.4 million fishermen.

    Pudjiastuti also banned fishermen from unloading their catch out at sea because the other boat, especially if it is a foreign vessel, often bypassed local ports and port controls by taking the fish elsewhere.

    This practice is known as at-sea trans-shipment, but illegal trans-shipment has reportedly caused annual losses of US$20 billion to Indonesia’s fishery sector.

    Sumantri’s fishing boat is now one of the many such vessels lying idle in Bitung, North Sulawesi. Similar scenes can be seen in nearby Ambon, Maluku.

    Bitung is home to the country’s largest fish processing firms, which include tuna canneries and processing plants, employing tens of thousands of locals.

    Industry players there, however, say they have been hit hard by Pudjiastuti’s tough policies against illegal, unreported and unregulated (IUU) fishing. The ban on trans-shipment and use of foreign fishing boats, in particular, has led to a severe cut in fishing resources for these firms.

    What this means is that they do not have enough boats to bring in sufficient fish stocks for export.

    The utilization of total tuna cannery capacity in Bitung, for instance, has fallen to just 6 percent — or 90 tons a day — from 50 percent two years ago, said Bitung’s fish processing firms’ association chief Basmi Said.

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