Vietnam seafood exports in the second quarter exceeded 3.2 billion USD

Despite the slowdown in growth rate, Vietnam seafood exports in June 2022 still brought in over 1 billion USD, equivalent to May 2022 and up by 23% over the same period last year. Thus, in the second quarter of 2022, the country’s seafood exports recorded sales of over 3.2 billion USD, nearly 36% higher than 2.4 billion USD in the same period in 2021.

By the end of the first half of this year, Vietnam’s seafood exports are estimated at nearly 5.8 billion USD, up 40% compared to the first half of 2021.

Lacking raw materials for export processing, shrimp export sales in June 2022 only maintained a modest growth of 7%, equals $450 million. Accumulated for the first half of 2022, Vietnam shrimp exports reached 2.3 billion USD, up by 33% over the same period and accounting for 40% of total seafood exports. Price inflation and shortage of raw materials are difficult problems for shrimp enterprises in the current period. Small-sized fresh/frozen vannamei is still favoured during this inflationary crisis. However, some enterprises also choose to increase the proportion of value-added processed shrimp to export to markets such as Japan, the US, and the EU to overcome the scarcity of raw materials. Export of processed vannamei in the first half of the year increased by 17%, while that of fresh/frozen shrimp increased by 21%. It is worth noticing that Vietnam lobster exports grew a record with nearly 130 million USD in the first half of the year, a leap of 30 times year-on-year. Despite inflation, the export of black tiger shrimp in the first half of the year still increased by 20% to over 300 million USD.

Higher inflation accompanied with the war between Russia and Ukraine are opportunities for pangasius in 2022. The shortage of white fish, especially cod, in the EU, US, and UK markets due to sanctions against Russia had forced many restaurants in markets to remove cod from their menu. For that reason, Vientam pangasius has the opportunity to gain market share in these markets. Pangasius exports to the UK in the first half of this year increased by 6 times compared to the same period last year, exports to Spain nearly tripled, and to France, the Netherlands, Germany and Belgium all increased by 45% – 90%. In the first half of this year, the country’s pangasius exports reached over $1.4 billion, up 83% over the same period last year and accounted for a quarter of seafood export sales. In June 2022, pangasius exports still maintained a high growth rate of 54% over the same period, reaching nearly 220 million USD.

Pangasius Fillet HungHau

Vietnam tuna exports in June reached over US$91 million, up 43%. Total tuna exports in the first half of the year increased by 56% to US$553 million, accounting for nearly 10% of seafood exports. The main product is still  frozen tuna loin/fillet, bringing in 377 million USD, up 122%. More than half of Vietnam tuna export values from the US market which has high consumption and high growth. While tuna exports to the US nearly doubled, exports to the EU only increased by 9%, a much more modest increase, mainly thanks to the increase in average export prices. The IUU yellow card is still narrowing the export of tuna as well as wild- caught marine products to this market.

Export of cephalopod in June 2022 reached over $68 million, up 34% over the same period. By the end of the first half of the year, cephalopod products brought in a turnover of 344 million USD, up 29% over the same period last year, accounting for 6% of seafood export sales. In which, squid exports reached 197 million USD, up 45%, octopus exports reached 147 million USD, up 12%.

Exports of mollusk shells, crabs and other fish in the first six months of this year all grew by 11-54% over the same period.

Compiled by My Hanh