The seafood industry has emerged from the bottom.

22 June, 2023

During the sideline interview at the 2023 General Meeting of the Vietnam Association of Seafood Exporters and Producers (VASEP) held on June 12 in Ho Chi Minh City, Deputy Minister of Agriculture and Rural Development, Phung Duc Tien, shared information that the seafood industry is recovering, export orders are increasing, and many businesses have started to work overtime to meet market demands.

It is expected that by the end of the third quarter, seafood exports will recover to a level equivalent to 2022. This forms the basis for the seafood industry to achieve its annual export target of 10 billion USD. “Businesses should pay attention to the high-profit segment of aquatic feed, instead of solely focusing on processing and exports as currently practiced,” the deputy minister emphasized.

Seafood enterprises have alleviated difficulties as export orders have started to increase again.

Mr. Truong Dinh Hoe, General Secretary of VASEP, also mentioned that in the second half of this year, the seafood export situation will be more promising, with gradually increasing orders to serve the summer and year-end holidays. However, Mr. Hoe forecasted that the annual seafood exports in 2023 will only reach around 9-10 billion USD due to various unpredictable factors.

Further discussing with reporters on the sidelines of the conference, Mr. Hoe analyzed that in the US market, there are signs of recovery in terms of import volume. However, in terms of value, there is still negative growth due to decreasing unit prices. Nevertheless, the market has bottomed out, relieving some challenges for seafood enterprises. “During difficult months, the most important achievement for seafood enterprises is ensuring employment for workers. That provides the foundation for the recovery of production and export in the remaining six months of the year,” Mr. Hoe stated.

According to N. Anh,

“The Laborer”