Vietnam earned over 3.5 billion USD from exporting fisheries products in the first half of 2020, down 10 percent against the same period last year.
In the January-June period, the sharpest fall was seen in the export of tra fish, at 31 percent, followed by tuna at 20 percent. Only shrimp exports enjoyed a rise, of just 3 percent.
According to VASEP, COVID-19 has caused a 35-50 percent slump in global seafood demand, while businesses suffered from material shortages and difficulties in transportation and payments, leading to financial troubles.
As of the end of June, the strongest decline had been seen in the EU market, at 35 percent. Exports were down 6 percent in the US, 17 percent in ASEAN, 9 percent in the Republic of Korea, 3 percent in China, and 5 percent in Japan. Small increases were seen in only a few small markets, such as the UK and Canada.
VASEP is not optimistic about fishery demand recovering around the world given that COVID-19 is a major concern in major markets such as the US, the EU, and China. Stricter import regulations in China will also impact Vietnam’s fisheries exports to the market as well as product prices.
It pointed to some positive signs, however, such as stable sales of frozen and canned seafood as well as the rise of online sales.
The EU-Vietnam Free Trade Agreement (EVFTA) is also expected to help boost Vietnam’s fisheries exports over the remainder of the year./.