EU surpasses US to become the greatest seafood export market of Vietnam
Seafood exports to the EU market reached USD 1.215 billion in the first 10 months of this year, increased by 21.2% over the same period in 2016.
In 2017, seafood export is forecasted to face many difficulties due to low market demand and technical barriers from major importing countries. Accordingly, Vietnam Association of Seafood Exporters and Producers (Vasep) predicts that seafood export turnover in 2017 will reach USD 7.4 billion, increased by 6% over 2016.
According to preliminary statistics of the General Department of Customs, from January 1 to November 15, 2017 seafood export value reached over 7.2 billion USD and estimated seafood export turnover in November 2017 is USD 728,118 million. Accumulated amount in 11 months is USD 7.565 billion. Thus, seafood export turnover in 2017 will exceed forecasts about USD156 million.
Replacement in the main markets
Currently, the top four seafood export markets of Vietnam have changed, which is the European Union (EU), the United States, Japan and China accordingly. There is replacement between the US and the EU. In the first 10 months of 2017, seafood exports to almost all main markets saw positive growth compared to the same period last year.
Specifically, the export of seafood to the EU market in October reached 168.803 million USD, increased by 37.5% over the same period in 2016 and 8.84% compared to September.
This is the first time the EU has surpassed the US to become Vietnam's biggest seafood export market. In the EU, the Netherlands saw the strongest growth, only in October, seafood export turnover in this market increased by 80.3% over the same period of 2016.
Meanwhile, seafood exports to the US decreased slightly (2.5%) in turnover. The main reason is that the US Department of Commerce imposed high anti-dumping duty on shrimp and catfish, which made them less competitive than their counterparts.
Meanwhile, seafood exports to Japan increased by 21.8%. It is forecasted to maintain a high growth rate thanks to the appreciation of the JPY against the US dollar and other foreign currencies.
Demand for seafood in China is rising sharply but domestic supply is not sufficient. In addition, the Chinese government is aiming to reduce fishing from the wild to protect fisheries resources.
In order to meet the domestic demand and the raw materials for seafood processing factories, China has policies to encourage seafood imports. This is also a favorable condition for exporting Vietnamese seafood to China.
Value added products "results to" increase in turnover
Regarding seafood export activities in 2017, Mr. Truong Dinh Hoe, Secretary General of VASEP said that this year the export turnover of seafood to the US market is reduced due to technical barriers and high anti-dumping duty but there is positive growth in other major markets.
The EU boosts its shrimp imports, especially high value-added processed products, and the impact of the Vietnam-EU Free Trade Agreement (FTA), which takes effect from 2018.
All of these factors contributed to the seafood export growth and increased sales this year. However, in general, the situation of seafood export in 2017 is not as boosted as in the period 2010-2011, but it is noticeable that some markets are paying more attention to seafood in Vietnam.
EU is currently the No.1 market of Vietnamese seafood exports, but the IUU "yellow card” may affect the Vietnam's export turnover of seafood into the EU market next year.
Therefore, the entire fisheries and government agencies must act aggressively to "remove" the yellow card and minimize affect to the exporting plan in 2018.
Vietnam fish processing
In 2017, seafood export is forecasted to face many difficulties due to low market demand and technical barriers from major importing countries. Accordingly, Vietnam Association of Seafood Exporters and Producers (Vasep) predicts that seafood export turnover in 2017 will reach USD 7.4 billion, increased by 6% over 2016.
According to preliminary statistics of the General Department of Customs, from January 1 to November 15, 2017 seafood export value reached over 7.2 billion USD and estimated seafood export turnover in November 2017 is USD 728,118 million. Accumulated amount in 11 months is USD 7.565 billion. Thus, seafood export turnover in 2017 will exceed forecasts about USD156 million.
Replacement in the main markets
Currently, the top four seafood export markets of Vietnam have changed, which is the European Union (EU), the United States, Japan and China accordingly. There is replacement between the US and the EU. In the first 10 months of 2017, seafood exports to almost all main markets saw positive growth compared to the same period last year.
Specifically, the export of seafood to the EU market in October reached 168.803 million USD, increased by 37.5% over the same period in 2016 and 8.84% compared to September.
This is the first time the EU has surpassed the US to become Vietnam's biggest seafood export market. In the EU, the Netherlands saw the strongest growth, only in October, seafood export turnover in this market increased by 80.3% over the same period of 2016.
Meanwhile, seafood exports to the US decreased slightly (2.5%) in turnover. The main reason is that the US Department of Commerce imposed high anti-dumping duty on shrimp and catfish, which made them less competitive than their counterparts.
Meanwhile, seafood exports to Japan increased by 21.8%. It is forecasted to maintain a high growth rate thanks to the appreciation of the JPY against the US dollar and other foreign currencies.
Demand for seafood in China is rising sharply but domestic supply is not sufficient. In addition, the Chinese government is aiming to reduce fishing from the wild to protect fisheries resources.
In order to meet the domestic demand and the raw materials for seafood processing factories, China has policies to encourage seafood imports. This is also a favorable condition for exporting Vietnamese seafood to China.
Value added products "results to" increase in turnover
Regarding seafood export activities in 2017, Mr. Truong Dinh Hoe, Secretary General of VASEP said that this year the export turnover of seafood to the US market is reduced due to technical barriers and high anti-dumping duty but there is positive growth in other major markets.
The EU boosts its shrimp imports, especially high value-added processed products, and the impact of the Vietnam-EU Free Trade Agreement (FTA), which takes effect from 2018.
All of these factors contributed to the seafood export growth and increased sales this year. However, in general, the situation of seafood export in 2017 is not as boosted as in the period 2010-2011, but it is noticeable that some markets are paying more attention to seafood in Vietnam.
EU is currently the No.1 market of Vietnamese seafood exports, but the IUU "yellow card” may affect the Vietnam's export turnover of seafood into the EU market next year.
Therefore, the entire fisheries and government agencies must act aggressively to "remove" the yellow card and minimize affect to the exporting plan in 2018.
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