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VASEP: Vietnam’s seafood exports may fall by more than 20% in 2023

In 2022, Vietnam's seafood exports will reach US$11 billion, a significant increase of 61% over the previous year. However, the situation this year is very pessimistic, and exports are expected to decline by about 20%.

Le Hang, communications director of the Vietnam Association of Seafood Exporters and Producers (VASEP), said at the Vigo Tuna Conference in Spain that the association expects Vietnam’s exports to be about US$900 million this year, down 20% or more from last year.

Hang said the surge in Vietnam's seafood exports last year was attributed to many factors, including rebounding prices, increased demand after the epidemic, and improved supply chains. However, in 2023, pangasius exports will drop by 28% to around US$1.8 billion, shrimp product exports will drop by 18% to around US$3.5-3.6 billion, and cephalopod exports will drop by 15% to US$650 million.

Vietnam’s tuna exports will drop from US$100 million to US$850 million, a decrease of 15%. But canned tuna sales will grow 48% to $169 million.

Hang added: "Despite challenges such as high global inflation and rising oil prices, Vietnam's entire industry is cautiously optimistic about the future market. Exporters are still actively exploring new markets, and exports from Germany and some other countries are expected to grow."

Hang said that Vietnam’s seafood industry has always been able to adapt to market changes and while actively planning its future direction, it remains a major global exporter.


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