Vietnam has become the world’s third largest seafood exporter, accounting for 7 percent of the world market share.

The Vietnamese Ministry of Industry and Trade said the DOC is receiving applications for the POR19 on Vietnamese pangasius for the period from August 1, 2021 to July 31, 2022.

The business community is expecting the government to soon ease the existing credit ceiling for production enterprises so that they can escape from their cash-strapped plight and fuel economic growth.

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.

Vietnamese pangasius exports to the United States and China witnessed robust growth during the opening seven months of the year, according to details given by the Vietnam Association of Seafood Exporters and Producers.

The Government has launched the national program for aquaculture development from 2021 to 2030, setting a target of US$12 billion in yearly seafood exports.

Vietnam exported pangasius products worth US$73.5 million to Mexico during the seven-month period, up 73% over the same period last year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

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.

Demand for Vietnam’s tra fish (pangasius) is up in major markets, driving the export of the catfish overseas, reports the Vietnam Association of Seafood Exporters and Producers (VASEP).

With a relatively attractive valuation and a bullish industry outlook, seafood stocks are expected to grow positively in 2022.

Vietnam’s seafood industry is projected to enjoy strong growth in the 2021-2030 period thanks to the increasing per capita seafood consumption in the world.

Phu Yen will host several multi-million-dollar tuna auctions in the future following a memorandum of understanding it signed with Japan’s Kiyomura Corporation, said Phu Yen's Vice Chair Ho Thi Nguyen Thao.

The lack of input materials and workers, the increase in production costs, and failure to fulfill orders of partners all have pushed seafood companies into a deadlock. Seafood exports have plummeted.

As the third largest seafood exporter in the world, Viet Nam's could lose about US$480 million per year if it fails in its fight against illegal, unreported and unregulated (IUU) fishing.

Vietnam’s fishery exports are on the way to fulfil the target of US$8.5 billion in value in 2021, after hitting more than $4 billion in the first half of this year, 

Large seafood enterprises have set higher revenue and profit targets this year thanks to positive growth prospects of the seafood export market, especially the US and EU.

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

As the US and China markets recently promoted the purchase of agricultural, forestry and aquatic products, Vietnam earned $17.15 billion of export revenue from these products in January-April 2021, a rise of 24.2% year on year.

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.