While South Korea’s seafood exports to Vietnam enjoy a zero duty, Vietnamese shrimp exporters are encountering a major restriction from entering the South Korean market, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

The Vietnam Association of Seafood Exporters and Producers (VASEP) has proposed eliminating quotas on shrimp exports to the Republic of Korea within the framework of the Vietnam-Korea Free Trade Agreement (VKFTA) during the review period in 2024.

Two leading enterprises in the seafood sector, known as ‘Shrimp King’ and ‘Catfish Queen’, have had to lower their business targets in 2023 amid a sharp fall in world demand.

The preferential loans would enable local producers and exporters to make certain inputs and maintain export markets.

Despite a downturn in the export of aquatic products in the first month of 2023, local exporters remain optimistic that the market will recover from the second quarter of this year.

The Vietnam Association of Seafood Exporters and Producers (VASEP) asked for capital support for seafood enterprises, which are set to make a 20-year high in export turnover this year.

Following exchange fluctuations, Vietnamese seafood exporters are now faced with catastrophic changes in their orders, forcing them to lower export prices or find other solutions to stay competitive in the long run.

Enterprises in the fisheries sector are facing an export slowdown after strong shipments in the first months of 2022, which may subsequently affect their growth in the time ahead.

Vietnam’s seafood exports to China are likely to decrease sharply as Chinese customs are tightening control over imports.

Vietnam’s shrimp exports to Australia surged 81% year-on-year to US$88.7 million in the first half of 2021, becoming the Oceania country’s biggest shrimp supplier.

Many seafood processing companies in the South are facing difficulties keeping their workers on-site amid the Covid-19 outbreak as required by the authorities, according to Truong Dinh Hoe, VASEP general secretary.

Basa fish exporters recorded positive growth in the first months of the year, but are now facing escalating prices and costs.

While India and Thailand are facing difficulties, Vietnamese seafood has an opportunity to occupy major markets such as Russia and the US.

Vietnam’s seafood exports have bounced back after a period of sliding, but there has been a spread of disease among some shrimp and fish breeding areas.

Last year has been a year with ups and downs for the seafood sector. While the consumption and export of basa fish stagnated mostly due to the global health crisis, shrimp farmers still saw a successful 2020.

Despite facing difficulties due to the COVID-19 pandemic, seafood exports last year were estimated at US$8.58 billion, the same as in 2019.

Earnings from shrimp exports reached 3.85 billion USD last year, up 15 percent year-on-year despite difficulties caused by the COVID-19 pandemic.

The price of tra (pangasius) fish has experienced one fluctuation after another. This year is forecast to be a recovery time for the fish.

The Vietnam Association of Seafood Exporters and Producers (VASEP) has announced that China continues to closely control COVID-19 in imported aquatic products, which is likely to slow Vietnam’s exports to the country in the months to come.