According to the Association of Seafood Exporters and Producers (VASEP), high inflation in the economies of the countries caused a sharp drop in demand and orders, seafood exports in the first quarter of 2023 are expected to decrease compared to the fourth quarter of 2022 and the same period.

However, the seafood industry is still optimistic about good signals from a number of markets with more stable economies, less affected by inflation such as ASEAN, the Middle East and CPTPP countries.

In particular, China's removal of control regulations on imports such as testing, sterilization and quarantine will relieve a major bottleneck, opening the door for export to the world's most populous market.

Looking back at 2022, the seafood industry achieved many records in both numbers and markets. Specifically, seafood exports in 2022 reached USD 11 billion, of which shrimp industry contributed USD 4.3 billion, pangasius brought in USD 2.4 billion, tuna also became a billion-dollar industry for the first time.

Not only the record of the products but also the export of seafood also recorded the record in most markets. In which, exports to the US would reach the target with more than USD 2.1 billion.

By market segment, seafood exports to the CPTPP in 2022 reached nearly USD 2.9 billion, an increase of 31% compared to 2021, accounting for more than 26% of Vietnam's total seafood export turnover. VASEP believes that the advantage of tariffs in countries in this bloc has been effectively utilized by Vietnamese enterprises, as inflation reduces consumption and increases competitive pressure in many markets.

Similarly, ASEAN countries are also potential and favorable destinations for seafood businesses this year with a growth rate of 27%, expected to bring in USD 767 million, accounting for 7% of the country's exports. The advantage of geographical location and economic stability of this region is the driving force for businesses to boost their exports in 2022.

In addition, seafood exports to the EU are also expected to bring in a turnover of USD 1.3 billion, an impressive result compared to the historical record.

Kylie Nguyen