Vietnam celebrates reaching US$10bn seafood exports milestone this year

Vietnam is expected to face a tough 2023 despite successfully reaching its seafood export milestone in 2022. (Image source: Adobe Stock)

2022 seems to have been an impressive year for Vietnam, with exports having reached an all time high value of US$10bn, which appears to nearly be a 34% increase when compared to 2021

In an attempt to mark this significant milestone, the Vietnam Association of Seafood Exporters and Producers (VASEP) on 10 December, held a celebration in Ho Chi Minh City, Vietnam. Ever since the Vietnamese government introduced social distancing measures, isolation and movement restrictions as a result of the COVID-19 pandemic, the country has been facing numerous challenges ranging from on-site production, limitations in purchasing raw materials, difficulties in transporting goods, leading to the risk of supply chain breakage. 

However, Vietnam’s growth seems to have gained momentum, with seafood exports having shown a continuous upward graph during the first quarters of 2022, ultimately reaching the US$10bn milestone. At the celebration ceremony, Nguyen Thi Hong Minh, former Deputy Minister of Fisheries, president of VASEP presented a speech highlighting Vietnam’s 22-year-long journey of seafood export, which initially started at US$1bn in 2000, ultimately going up to US$10bn in 2022. 

Vietnam’s new milestone was a major contributing factor which led the country into becoming the third largest seafood exporter in the world. In the joyful atmosphere of the ceremony, VASEP honoured individuals and units with outstanding achievements that greatly contributed to the figure of US$10bn. In addition to this, Phung Duc Tien -Deputy Minister of Agriculture and Rural Development and Nguyen Thi Hong Minh, former Deputy Minister of Fisheries, president of the association presented flowers and medals to excellent export enterprises.

However, according to report by Asian Agribiz, a tough 2023 might be lying in wait for Vietnam, despite its record export value in 2022. VASEP mentioned that a number of factors were to blame, with rate fluctuations, economic recession, inflation, and stiff competition from seafood exporting countries being a few. These have in turn resulted in a sharp fall in global seafood demand in H2 2022