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Tag: VASEP

  • 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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  • Lobster exports skyrocket in first half

    Lobster exports skyrocket in first half

    Lobster exports rose 30 times year-on-year in the first six months of the year to US$130 million, according to the Vietnam Association of Seafood Exporters and Producers.

    Besides, surging global demand has caused the prices of some lobster species to double.

    Tropical rock lobster has risen to VND1.7 million ($73) a kilogram and scalloped spiny lobster to VND1.4 million.

    Exports of shrimp products also rose in the first half, with shipments of processed whiteleg shrimp going up by 17 percent and those of black tiger shrimp by 20 percent.

    They fetched $2.3 billion, up 33 percent from last year. Shrimps account for 40 percent of Vietnam’s seafood exports.

    Shrimp exports to China, where production is affected by Covid restrictions, doubled to $275 million in the first five months.

    VASEP said Vietnam’s shrimp exporters face challenges like supply shortage and inflation but are coping by expanding farming areas and focusing on more demanding markets.

  • Rising dollar, market glut cut Vietnam’s shrimp export value

    Rising dollar, market glut cut Vietnam’s shrimp export value

    Vietnam’s shrimp export value plunged almost 15 percent year-on-year in September, hit by the rising dollar and other factors. The Vietnam Association of Seafood Exporters and Producers (VASEP) said shrimp export value dropped by 14.8 percent year-on-year in September.

    Total shrimp export value for the first nine months of the year went down four percent year-on-year to $2.6 billion, the association added.

    The slip in export value began in the second quarter, because of several factors including excessive shrimp supply across the globe and overseas markets taking safeguard action to protect domestic enterprises, the association said.

    Global shrimp supply is expected to rise some 5.5 percent from 2017 to 2018, Undercurrent News, a global seafood news publication, quoted James Anderson, a University of Florida seafood economist, as saying.

    The situation has been worsened by the rising dollar, causing importers to buy less.

    The DXY index of the U.S. dollar versus six developed market currencies is up 4.82 percent this year, now topping the rise of the dollar against emerging market currencies.

    This saw the shrimp export value to the U.S. decrease continuously from April to July this year. In the first nine months of the year, it fell three percent year-on-year to $472.4 million.

    A similar trend can be seen in shrimp exports to the E.U., despite an impressive increase in value in the first six months of the year, the association said.

    VASEP expressed hope that if world prices improve in the coming months, Vietnam’s shrimp export output will increase in the fourth quarter and boost total value for the year to $3.85 billion, last year’s figure.

    However last year’s shrimp export value marked a year-on-year increase of 22 percent.

    Vietnam is world’s third-largest shrimp supplier, according to the agriculture ministry.

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