Seafood exports set a target of achieving USD 9 billion in 2022

Seafood exports are estimated to reach USD 6 billion worth in the first six months of 2022, up 46% from the same period last year and accounting for 67% of the plan. This has been the highest number so far.

According to the Directorate of Fisheries, by the end of June 2022, the total seafood output is estimated to reach 4.16 million tons, up 2.6% from the same period last year, accounting for 47.7% of the plan. The seafood export value is estimated to reach USD 6 billion in the first six months of the year, up 46% from the same period last year and accounting for 67% of the plan. This has been the highest result so far.

By May 2022, shrimp exports reached USD 1.8 billion, accounting for 39% of the country’s total seafood export value.

As many as 3,105 ha has been used for pangasius farming, up 1% as compared to the same period last year, producing 771,430 tons of fish, equal to 106% of the same period last year. The price of commercial pangasius type 1 is ranging between 28,000 and 29,000 dong/kg. As of May 30, the export value reached USD 1.21 billion, up 89.8% from the same period last year, with the value of frozen pangasius increasing by 89% in the EU, 124.2% in China and Hongkong, and 131% in the US as compared to the same period last year. As of May 30, as many as 1,206 farming facilities have been granted identification numbers, equal to 100%.

The Directorate of Fisheries anticipated that the Covid-19 pandemic had been gradually controlled, resulting in an increase in global demand for shrimp imports. Vietnamese shrimp exports are predicted to grow well in 2022 due to advantages of Free Trade Agreements, leaving stability in commercial shrimp farming and processing.

The food price is estimated to rise in the EU market in the last months of 2022, offering a good opportunity for pangasius enterprises to go back with this market after years of poor sales. Pangasius exports to major markets can increase largely. Higher and stable demand for this kind of fish can maintain the purchases of material pangasius as they are now.

The Vietnam Agency for Foreign Trade under the Ministry of Industry and Trade anticipated that sales of seafood would continue to grow in the next few months, especially pangasius. The US is increasing their purchases of pangasius as the country’s stockpiles are extremely low after two years of pandemic. Moreover, the farming area of the US catfish has decreased for the last three years, affecting the domestic supply. Besides, with the competitive price, Vietnamese pangasius can be a good choice amidst the continuing inflation peak and replace white fish (cod and pollock) due to short supply from Russia. Meanwhile, the demand for pangasius in China is still high.

With an effort to reach the double target of 8.73 million tons of seafood output and USD 9 billion worth of export value in 2022, specific solutions have been adopted by the fisheries industry. The Ministry of Agriculture and Rural Development will give directions and instructions in production amidst the vast increase in prices of feed and raw material. The Directorate of Fisheries will prepare for a plan to work with the EC inspection team when they come to evaluate and review Vietnam’s actions in fighting against IUU fishing. Localities will be checked for IUU fishing activities while implement EC’s recommendations.


Related Articles

Leave a Reply

Your email address will not be published.

Back to top button