According to VASEP, the US has always been the biggest importer of Vietnamese seafood with a worth of over USD 2 billion during the first eleven months of 2022. The second position belongs to China and Hongkong with USD 1.66 billion worth. Japan ranked third with USD 1.6 billion. Exports to the EU reached about USD 1.2 billion. Exports to the CPTPP bloc (Japan included) reached USD 2.66 billion. Here are the top ten destinations of Vietnamese seafood in the first eleven months of 2022.
By the end of November 2022, Vietnam achieved nearly USD 2.66 billion from selling seafood to the CPTPP market, up 33.8% from the same period last year. Japan was the traditional market with a worth of USD 1.5-1.6 billion. The total seafood import value into this market did not grow exponentially over the last four years, just keeping the market share between 25% and 26%. However, exports to every single country have increased clearly.
- The US
For the first time Vietnam has achieved over USD 2 billion from exporting seafood to the US in the first eleven months of the year, up 9.6% as compared to the same period last year. The US has become the biggest single importer of Vietnamese seafood, accounting for 20% of the total export value. The US is the largest destination of Vietnamese shrimp, accounting for 19.1%. As for pangasius, the US is the second biggest market, after China, accounting for 22.7%. Tuna exports to the US accounts for 48.6%.
- China and Hongkong
In the first eleven months of 2022, Vietnam achieved USD 1.66 billion from selling seafood to China and Hongkong, up 64.9% from the same period last year. It is estimated that consumption of seafood will go up during Tet Holiday in late January 2023. China is removing stringent regulations of importation in the effort of fighting the Covid-19 pandemic. This will create a great opportunity for Vietnamese products, especially seafood in 2023.
According to VASEP, in the first eleven months of 2022, Vietnamese seafood going to the EU market accounted for nearly 12% of the total export value of Vietnam, ranking the fourth position after the CPTPP, US, China and Hongkong, equal to USD 1.22 billion worth, up 26.3% from the same period of 2021. Nearly 1,000 Vietnamese businesses have been granted EU code in this market. Vietnamese seafood is affordable, plus pangasius exporters enjoy benefits of free trade agreements, especially the EVFTA. However, IUU is a formidable barrier.
Korea is the fifth biggest market of Vietnamese seafood, with over USD 877 million worth being recorded by November 30, 2022, up 21.6% from the same period last year, accounting for 8.6% of the total seafood export value of Vietnam. Shrimps, cuttlefish, octopus, and tuna are top products exported to Korea.
Vietnam’s seafood exports to Thailand reached over USD 306 million, up 27.2% as compared to the same period last year. In 2023, special inner factors of Thailand may place a faith for domestic businesses and foreign exporters such as Vietnam.
The UK ranked seventh of the top ten importers of Vietnamese seafood, accounting for 2.8% of the total export value. By the end of November 2022, Vietnam achieved over USD 290 million from exporting seafood to the UK, up 1.1% as compared to the same period last year. Vietnam enjoys benefits when exporting seafood to the UK, especially in tariff. With the Free Trade Agreement between these two countries (UKVFTA), Vietnam continues to enjoy preferences on the basis of the EVFTA.
By the end of November 2022, exports of Vietnamese seafood to Russia increased by 2.4%, reaching USD 154 million. Six more businesses of Vietnam were granted export to Russia in 2022, leaving a total of 54 Vietnamese businesses being allowed to export seafood to this market. With preferential regulations in tariff thanks to the VN – EAEU FTA, lots of Vietnamese agricultural products and seafood may become competitive in this market.
In 2022, Taiwan was listed in the top ten importers of Vietnamese seafood. As estimated, in the first eleven months of 2022, Vietnam achieved over USD 145 million from selling seafood to Taiwan, up 44.6% from the same period last year. Shrimp exports reached USD 30.8 million, pangasius exports reached over USD 33.3 million, and exports of other species reached USD 22.7 million.
- The Philippines
The Philippines ranked 23 in 2020, climbed to 13 in 2011 and then earned the tenth position in the list of top seafood destinations of Vietnamese seafood in 2022. In the first eleven months of 2022, Vietnam saw USD 101 million worth of seafood exports to the Philippines, up 30.8% from the same period last year.