While exports of key seafood categories sharply declined, noticeable increase in sales of dried fish and canned fish was recorded, bringing in tens of millions of dollars.
According to VASEP, in April 2023, seafood exports to the US, EU, and China sharply declined. Exports of pangasius dropped the most sharply, 52%, while exports of shrimp declined by 35%, exports of tuna decreased by 38%, and exports of cuttlefish and octopus reduced by 11%. Exports of other marine fish products reduced slightly by 6.3% from the same period last year. A drop in revenue was recorded in sales of fresh/frozen fish fillet and grilled chopped fish.
However, exports of dried fish and canned fish rose incredibly as compared to the same period last year. In April alone, exports of dried marine fish increased by 65%, valued at nearly USD 26 million, leaving the accumulated value of the first four months of USD 78 million, up 33% from the same period last year. The most favorite Vietnamese dried fish is anchovy and yellowstripe scad. Sales of anchovy accounts for 66% and sales of yellowstripe scad accounts for 14%.
The top five importers of Vietnamese dried fish are China (56%), Russia (17%), Malaysia (8%), Hongkong (China) (4%), and Korea (3%).
Over the last four months, Malaysia has reduced their purchases of Vietnamese dried fish, while the other four markets increased their imports, with 72% rise in China and 59% rise in Honghong (China).
Besides, an increase in sales of Vietnamese dried fish was recorded in many countries in the first four months such as Taiwan (China, 45%), Rumani (90%), Australia (10%), and Lithuana (61%).
It can be seen that price has ruled over the consumption behavior amidst inflation, and consumers have changed their habits. Fresh/live products are increasingly replaced by dried and canned products.