March 23, 2022
Vietnam expects to exceed US$9 billion in seafood exports this year
The Vietnam Association of Seafood Exporters and Producers (VASEP) has projected that seafood exports from the country are likely to worth over US$9.5 billion in 2022, thanks to local enterprises quickly seizing market opportunities and promoting exports, Fish Information & Services reported.
The follows an outstanding growth in the first two months of this year, with export values at US$1.5 billion. Pangasius exports have grown 83% and shrimp at over 34%.
The association said seafood production and processing has almost recovered to pre-pandemic levels.
Seafood producer Hung Ca Group said its four frozen seafood processing facilities are processing up to 1,200 tonnes of raw fish daily.
Vietnam's shrimp exports in January 2022 increased 43% year-on-year. The export value of processed black tiger shrimp was the highest at 157%. The three biggest export destinations, US, Japan, and the EU, all recorded optimistic growths.
Vietnam is the fourth biggest shrimp exporter to the US. VASEP said shrimp demand is expected to rise this year due to US's economic stabilisation policies. The US is also pushing for Vietnamese imports of pangasius and tuna.
Vietnam's aquaculture area currently covers over 740,000 hectares, with an yearly harvest of over 900,000 tonnes. The country's black tiger shrimp production exceeded 250,000 tonnes and is the highest in the world. Shrimp production in Vietnam has increased by 10% per year.
To Thi Tuong Lan, VASEP deputy general secretary, said the major import markets of Vietnamese pangasius are expected to see strong growth and high prices. Pangasius exports this year are projected to go up 20-25% compared to 2021.
- Fish Information & Services