PM orders SOEs to improve production, business efficiency hinh anh 1
Workers produce garment for export. (Illustrative photo: VNA)

The rise, according to experts, was attributed to China’s increasing seafood demand for the traditional Lunar New Year holiday.

Besides China, Vietnamese seafood exports to the United States, Japan, and the EU also expanded by 63%, 43%, and 34%, respectively. 

VASEP says Vietnam’s seafood exports surged by 64% in January to nearly US$750 million, opening up bright export prospects over the months ahead. Notably, the export of shrimp, pangasius, tuna, BT squid and other fish species rose by 71%, 97%, 57%, 45%, and 50%, respectively. 

Elsewhere, pangasius export orders in January and February began to improve, with the price increasing by VND3,000to VND29,000 per kilo.

Therefore, this year's pangagius exports are anticipated to bring in US$2 billion, representing an increase of more than 10% compared to the US$1.8 billion recorded last year.

However, the seafood industry is anticipated to face major challenges this year. With regards to shrimp exports, there are several concerns relating to the shortage of raw material sources and the the risk of anti-subsidy duties, which prove to be a hindrance for importers in the US and Vietnamese export companies. 

Meanwhile, the seafood industry has been negatively impacted by global uncertainties, including the Russia – Ukraine conflict and Red Sea tensions, leading to skyrocketing shipping costs.

In addition, the export of tuna, squid, octopus, and other marine fish species has almost stagnated due to the yellow card warning imposed by the European Commission.