The Ministry of Agriculture and Rural Development (MARD) has reported that Vietnam’s seafood export revenue in 2022 may reach US$11 billion, up 25 percent over 2021, the highest ever in 20 years.
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 Vietnam Association of Seafood Exporters and Producers (VASEP) has sent a petition to the Prime Minister proposing the amendment of regulations on quarantine for aquatic products used for food.
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.