Vietnam’s seafood exports recovering as contraction slows down

14/10/2020 12:00 - 24 total view

Vietnamese seafood exports brought in US$6.03 billion in the first nine months of 2020, down 3% from a year earlier, signalling recovery as the contraction was smaller than in the previous two quarters.
The sector witnessed sharp falls of 14% and 9% in the first and second quarters respectively, according to the Ministry of Agriculture and Rural Development.

In September seafood exports rose slightly by 0.6% from a year earlier to US$820 million.

The United States, Japan, the EU, China and the Republic of Korea are the five largest buyers of Vietnamese seafood, accounting for about 60% of its total revenue.

Among Vietnam’s main seafood exports, shrimp was the only product to record decent growth over the past nine months, making up 44% of total seafood export revenues, said VASEP, which represents local seafood producers and exporters.

In the meantime, shark catfish exports were declining and its share in Vietnam’s seafood exports fell to 17.6%.

Since the EU-Vietnam Free Trade Agreement (EVFTA) came into force, Vietnam’s seafood exports to the bloc rose slightly by 1%, reflecting the positive effect of the trade pact on Vietnamese exports.

However, in order to take advantage of tariff preferences, Vietnamese enterprises need to ensure their products meet EU quality and safety standards.