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Vietnamese aquaculture companies to expand into the world market

VIET NAM
Monday, January 24, 2022, 00:50 (GMT + 9)

The growing demand for seafood consumption per capita in the world now creates great development potential for Vietnam's seafood exporters.

Hanoi (VNA) - The growing demand for seafood consumption per capita in the world now creates great development potential for Vietnam's seafood exporters.

In addition, the Free Trade Agreements (FTA) also represent a growth engine for the entire industry. Faced with the wave of recovery, the fishing groups found different ways to increase sales abroad.

According to the Agricultural Outlook Report of the Organization for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization of the United Nations (FAO), world consumption of seafood per capita would be 21.2 kilograms by 2030, from the figure of 20.5 kilograms in the period 2018-2020.

Between 2020 and 2030, seafood consumption per capita will increase by 3.6 percent. By 2030, aquaculture will provide 57 percent of fish for human consumption, compared to 53 percent in the 2018-2020 period.

Based on OECD and FAO forecasts, the nominal unit price of aquaculture production will continue to grow by 15 percent between 2021 and 2030. In 2022, the price per unit of aquaculture is expected to increase by 63 percent to about three thousand 200 dollars per ton.

According to the Vietnam Association of Aquaculture Products Processors and Exporters (VASEP), Vietnam's shrimp export value in 2022 is forecast to increase by 10 percent compared to 2021, to total US$4.3 billion.

In the near future, Vietnamese companies will adjust production flexibly to adapt to the pandemic, creating favorable conditions to capture growing demand in the world market, especially in the United States, the Indochinese country's largest export market for shrimp and pangasius.

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