Despite a 1.6% decrease in May 2020, Vietnam’s seafood exports are projected to see a significant jump in the last months of the year. The Vietnam Association of Seafood Exporters and Producers (VASEP) reported that sales of Vietnamese seafood to China have increased by 35% in April and 20% in May, following the control of the coronavirus pandemic in China. Additionally, Japan, which has been importing Vietnamese seafood continuously, saw an increase in value of 16% in April and 9% in May.
Japan expected to remain as the biggest market for Vietnamese seafood
According to VASEP, the growth rate in Japan suggests that it will continue to be the biggest destination for Vietnamese seafood in 2020, compensating for the decline in seafood sales to the EU and the US. Although seafood exports to China were 2% lower than the same period last year, it is projected that exports to China in June 2020 will either be equal to or slightly higher than the same period last year.
Shrimp and Pangasius exports in Vietnam
Despite the pandemic, Vietnam saw a nearly 4% increase in shrimp exports, amounting to $1.2 billion. Shrimp exports increased by 6% in April and May. Meanwhile, pangasius exports have been recovering since May, with an export value in May of nearly $600 million, which is higher than the previous month.
Forecasted recovery of seafood exports
The EU market opened in May, resulting in a possible high demand in the next few months. However, the impact of the pandemic on global seafood trading is expected to continue, which will make it difficult for Vietnam to recover its seafood exports in the last months of the year.
Recommendation for Vietnam seafood exporters
Vietnam seafood exporters are advised to apply science and technology to reduce the impact of disease outbreaks and increase economic efficiency, such as multiple stage practice, round ponds, floating ponds and pond liners. Additionally, they should pay attention to the technical process from pond rehabilitation to water treatment and post larvae selection to increase productivity.