Aquatic export turnover increased by 14 times over the past 25 years thanks to market expansion efforts, according to the Viet Nam Association of Seafood Exporters and Producers (VASEP).

Specifically, aquatic export revenue gradually increased from US$800 million in 1998 to US$4.5 billion in 2008, nearly US$9 billion in 2019 and US$11 billion in 2022. 

Viet Nam is home to 847 aquatic processing factories of which 692 were granted EU export codes. 

VASEP and domestic enterprises have joined hands to overcome international trade barriers to promote export, raise competitiveness for the Vietnamese aquatic sector.   

However, Viet Nam’s aquatic exports valued over US$3.2 billion in the first five months of this year, representing nearly 30 percent of the value made in the same period last year.

The decline ranged from 10 percent to 50 percent in all main export markets, with the U.S. experiencing the sharpest decrease (50 percent), followed by the European Union (nearly 32 percent) and China (over 25 percent).

VASEP General Secretary Truong Dinh Hoe blamed the drops to weakened market demands in the world in the first half of 2023.

VGP