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    Home > Food News > Food Articles > Last year, Vietnam's seafood exports exceeded US$11 billion, but it faces serious challenges in the first few months of 2023

    Last year, Vietnam's seafood exports exceeded US$11 billion, but it faces serious challenges in the first few months of 2023

    • Last Update: 2023-02-01
    • Source: Internet
    • Author: User
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    Vietnamese media Saigon Giai Phong reported that Vietnam's seafood exports exceeded US$11 billion in 2022, setting a new record in history, but 2023 will face many challenges
    According to the Vietnam Seafood Export and Production Association (VASEP), 2023 will be a difficult year, and the continued rise in prices may affect Vietnam's exports, which may decline in 2023
    Especially in the first few months of this year, the market will face serious challenges
    VASEP communications director Le Hang said exports fell year-on-year in December 2022 and the trend will enter 2023
    Orders from several Vietnamese seafood companies fell sharply, including a drop
    in demand in the first quarter of 2023.
    This is not only high-priced goods such as black tiger prawn and South American white shrimp, but also high-end products such as squid, octopus, tuna, and even moderately priced goods such as small shrimp and pangasius
    Truong Dinh, Secretary General of VASEP, said: "While businesses can respond flexibly, it is impossible to rule out the possibility of prices continuing to rise in the first months of the year, and some markets will show strong demand growth for Vietnamese seafood after the pandemic, coupled with inflation, etc
    We expect inflation to be likely to weigh heavily on the import market, leading to stagnant demand and purchasing power in the first quarter of 2023
    At present, many Vietnamese enterprises are struggling to seek more low-interest loans and financing to maintain raw material supply and processing activities
    According to VASEP, banks' loan interest rates are too high, making businesses afraid to borrow in large quantities, which is a situation
    faced by most Vietnamese businesses at this stage.
    Le Van Quang, chairman of Minh Phu Group in Vietnam, mentioned that the biggest concern for companies today is the price of raw materials and employee wages, and if processors stop buying raw shrimp despite the current decline in shrimp prices, farmers will not be able to proceed smoothly with the next production
    In the first 11 months of 2022, Vietnam's seafood exports have reached US$10 billion, and it is expected to achieve revenue of US$11 billion for the whole year, an increase of 25% over the previous year, of which Shrimp exports are US$4.
    3 billion, Pangasius US$2.
    5 billion and Tuna US$1 billion
    exports exceeded $2 billion for the first time, and Vietnam accounted for 7% of the global market, making it the third largest producer of seafood after China and Norway.
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