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The outbreak of the novel coronavirus (COVID-19) has adversely affected several sectors, including the seafood industry in Vietnam. The pandemic has led to cancellations, delays, and raw material shortages, causing most seafood companies to experience a decline of 35-50% in orders, according to a recent survey by the Vietnam Association of Seafood Exporters and Producers (VASEP). In this article, we examine how the pandemic is impacting the seafood industry in Vietnam and what measures companies can take to navigate this challenging period. The impact of COVID-19 on seafood companies Seafood producers and exporters in Vietnam are facing declining demand, causing a build-up of inventories. For example, the survey by VASEP found that 35-50% of shrimp orders to the US and EU were delayed or cancelled, leading to an increase in inventories. Despite this, shrimp exports increased slightly by 2.6% to $383 million, mainly due to the 16% increase in exports to Japan. However, exports to China fell by 37% and to the EU by 15%. Tra fish exports to China are expected to decline by at least 20% in the first quarter of this year due to low demand and interrupted transportation via border gates. China is the largest market for Vietnam’s tra fish, accounting for 35%, and exports to China fell by 52% in the first two months. Similarly, exports to the EU fell by 40%. Vietnam’s seafood industry is still eyeing growth in other markets. VASEP predicts that the EU and the US will increase their demand for Vietnamese canned tuna products by about 15% this year from more than US$719 million last year. Exports to the US alone were worth $316 million, up nearly 38% from 2018. Measures for seafood companies to navigate the COVID-19 crisis The seafood industry in Vietnam needs to focus on adapting to the current market conditions and take measures to remain competitive. Some measures seafood companies can take include: Diversifying markets: Instead of relying on one market, companies should diversify their customer base by tapping into new markets such as Japan, South Korea, and ASEAN countries. Improving quality: Enhancing the quality of products to meet international standards can help companies attract new customers and maintain existing ones. Investing in technology: The use of technology can help improve productivity and reduce production costs. For example, companies can invest in automated processing and packaging equipment. Strengthening supply chains: To ensure a steady supply of raw materials, companies can strengthen their supply chains by working with multiple suppliers and implementing risk management strategies. Supporting employees: Companies need to provide adequate support to employees during this challenging period. This includes implementing measures to ensure the safety of employees, providing training and upskilling opportunities, and offering financial assistance where necessary. Conclusion COVID-19 has had a severe impact on Vietnam’s seafood industry, but there are measures that companies can take to navigate this challenging period. By diversifying markets, improving quality, investing in technology, strengthening supply chains, and supporting employees, companies can remain competitive and emerge stronger in the post-pandemic era.

The COVID-19 pandemic has brought about significant changes in the seafood industry. Amidst the global economic uncertainty, European Union (EU) and United States (US) buyers are stocking up on canned tuna products, leading to an expected boost in Vietnamese canned tuna exports. According to the Vietnam Association Seafood Exporters and Producers (VASEP), the EU and US are predicted to increase their demand for Vietnamese tuna products this year. Forecasted Increase in Tuna Exports VASEP has projected that tuna exports will surge by approximately 15% this year from over US$719 million in 2019. In particular, the value of Vietnamese tuna exports to the US increased by nearly 38% from the previous year, reaching $316 million. The demand for tuna products in the US has been on the rise, especially for canned products, over the years, leading to an increase in the country’s imports. US-China Trade War Moreover, with the ongoing US-China trade war, importers in the US are actively seeking alternative sources of supply, including Vietnam. In 2019, Vietnam remained the second-largest tuna supplier to the US after Thailand. Decline in Vietnamese Tuna Exports to EU However, Vietnam’s tuna exports to the EU declined by 11% to $140 million due to the bloc’s yellow card. The EU issues a yellow card warning to countries that are not effectively dealing with illegal, unreported, and unregulated (IUU) fishing in their waters. The yellow card warning affected Vietnamese tuna exports to the EU. Opportunities for Vietnamese Tuna Producers The rise in demand for canned tuna products in the EU and US, coupled with the ongoing US-China trade war, presents an excellent opportunity for Vietnamese tuna producers to expand their export markets. The increasing demand for canned tuna products is due to the ease of consumption and long shelf life, which has become essential during the COVID-19 pandemic. Vietnamese tuna producers can take advantage of this opportunity by adopting sustainable fishing practices and complying with the IUU fishing regulations set by the EU. This will help to ensure that Vietnamese tuna exports to the EU continue to grow. Additionally, Vietnamese tuna producers can develop new products, diversify their exports, and improve their packaging and labeling to meet the demands of their customers in the EU and US markets. Conclusion In conclusion, Vietnamese canned tuna exports to the EU and US are predicted to increase this year due to the ongoing pandemic and the growing demand for canned tuna products. The Vietnamese tuna industry can capitalize on this opportunity by complying with the IUU fishing regulations set by the EU, adopting sustainable fishing practices, and improving packaging and labeling to meet the demands of their customers in the EU and US markets.