image: VASEP

5 highlights of Vietnam's seafood export industry in 2021

VIET NAM
Wednesday, January 26, 2022, 07:10 (GMT + 9)

In 2021, Vietnam's seafood exports overcome the pandemic and bring in $8.9 billion. Seafood exports to the US market reached a record of 2 billion USD. Seafood exports to China fell to the lowest level in 5 years. The average price of seafood exports to major markets increased by 10-30% on average.

1. Vietnam's seafood exports surpassed the pandemic to reach the target of 8.9 billion USD.

In 2021, the Covid-19 epidemic broke out strongly in Ho Chi Minh City and 19 southern provinces in the third quarter, strict epidemic prevention regulations made most seafood processing factories only maintain 30-50% of production. Seafood exports in the third quarter of 2021 decreased by 24-27% compared to the same period in 2021

Seafood exports at the end of the year reached 8.9 billion USD, up 6% compared to 2020. In which, shrimp brought in nearly 3.9 billion USD, up 4%, pangasius accelerated sharply in the last 2 months. with full year results of over 1.6 billion USD, up 8.4%; Export of marine products reached US$3.4 billion, up 7%.

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2. Seafood exports to the US market reached a record of US$2 billion, up 27% compared to 2020, accounting for 23% of Vietnam's total seafood exports.

In addition, exports to many markets had outstanding growth: the EU increased by 12% (in which, most of the member countries increased imports from Vietnam by 10-75%);
Exports to Korea increased by 6%, while exports to some countries in the CPTPP such as Australia increased by 16%, Mexico increased by 49%.

Seafood exports to Russia increased by 21% thanks to the increase in the number of enterprises allowed to export to this market by 25 to 50 enterprises in the past year.

3. Seafood exports to China fell to the lowest level in 5 years.

China's zero Covid policy has strongly affected Vietnam's seafood exports to China. China's strict inspection to trace the corona virus on imported seafood products through sea, land and even air border gates, caused traffic jams and customs clearance of imported goods into this market for most of the year 2021. Therefore, seafood exports to China and Hong Kong decreased by 17% to 1.1 billion USD, the lowest level in 5 years.

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4. The average price of seafood exports to major markets increased by 10-30% on average.

In addition to the levers to promote seafood exports such as tax benefits from FTAs and strong demand in markets, the increase in export prices is a major factor in increasing seafood export turnover in 2021, especially are the last months of the year when orders increase and supply is low.

Accordingly, the average price of frozen pangasius fillets exported to the US market increased in the last 2 months of the year by more than 1 USD/kg compared to the same period last year. The average price of importing Vietnamese shrimp into the US market also increased from 11 USD at the end of 2020 to 12 - 13 USD/kg by the end of 2021.

5. Shipping charges to markets increased sharply by 4-10 times compared to before the epidemic, accompanied by difficulties in domestic transportation, goods in many localities were congested. In addition, input costs have increased sharply due to the Covid-19 epidemic: increased raw material prices, epidemic prevention and control costs, transportation costs, etc., leading to an increase in production costs and export prices.

To get more detailed information and data on Vietnam's seafood production and exports to markets in 2021 and forecast for 2022, please register: Report on Vietnam's Seafood Exports in 2021, to be released in February 2022.

Source: VASEP

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