December 6, 2023

Vietnamese seafood exporters grapple with falling sales amid global demand slump

Vietnam's pangasius and shrimp exporters faced substantial challenges in the third quarter of 2023, contending with a decline in sales value and reduced profits attributed to a global demand downturn, SeafoodSource reported.

In the period from July to September 2023, Vietnam's seafood shipments worldwide amounted to US$2.5 billion, marking a significant 12% year-on-year decrease.

The broader trend throughout the first nine months of 2023 reveals a substantial 23% year-over-year contraction in the country's total seafood export value, reaching US$6.6 billion.

Notably, pangasius sales experienced a sharp 31% decline year-on-year, settling at US$1.4 billion, while shrimp exports contracted by 26%, amounting to US$2.5 billion. These figures are based on data from the Vietnam Association of Seafood Exporters and Producers (VASEP).

The downward trajectory in Vietnam's seafood sales commenced in the fourth quarter of 2022, driven by subdued global demand and heightened competition from other exporting nations.

Vinh Hoan Seafood, a key player in Vietnam's pangasius export, reported a substantial 17% year-on-year decline in sales value, totalling VND 2.7 trillion (US$111.6 million) in Q3 2023. The company's revenue for the initial three quarters of 2023 amounted to VND 7.6 trillion (US$315.8 million), reflecting a notable 29% drop compared to the corresponding period last year.

-      SeafoodSource