Seafood exports fail to meet this year's export target of US$10 billion

19:53 20/11/2020
Due to the adverse impacts caused by the COVID-19 pandemic, the nation’s seafood exports for the entire year are anticipated to reach approximately US$8.2 billion, thereby failing to meet the export target of US$10 billion, according to the Agro Processing and Market Development Authority (Agrotrade).

Throughout the initial 10 months of the year, the export value of seafood dropped by 2.5% to approximately US$6.88 billion against the same period last year.

Most notably, the United States, Japan, China, and the Republic of Korea (RoK) remained as the leading four importers of Vietnamese seafood throughout the reviewed period. Indeed, export value to the US market saw a boost of 8.5%, along with a 0.1% rise to China, while export value to Japan and the RoK declined by 3.2% and 1.2%, respectively.

Furthermore, the price of raw pangasius in the Mekong Delta provinces in October witnessed a sharp recovery, hovering between VND21,000 and VND22,000 per kilo, an increase of VND4,000 per kilo.

Nguyen Quoc Toan, director of Agrotrade, said the nation’s shrimp industry has shown signs of recovery in the remaining months of the year, with import demand for pangasius in major markets starting to bounce back after a period of being negatively affected by the impact of COVID-19.

Ministry of Agriculture and Rural Development representatives underscored the importance of implementing a range of urgent measures in an effort to lift the EU’s yellow card placed on Vietnamese seafood in order to maximise the benefits brought about by the EU-Vietnam Free Trade Agreement (EVFTA).

According to experts, in addition to removing the EU’s yellow card,  local seafood firms have been advised to continue closely collaborating with state management agencies to strictly implement regulations on combating illegal, unreported, and unregulated (IUU) fishing.