Vietnam’s Aquatic Exports Decline Amidst COVID-19: Analysis and Forecast

Vietnam’s aquatic exports earned 570 million USD in May, bringing the total figure in the first five months of 2020 to nearly 3 billion USD. Unfortunately, this is a 6 percent decrease compared to the same period last year. The decline was attributed to the impact of COVID-19, which hit almost all of Vietnam’s export markets, such as China, the Republic of Korea, the EU countries, and the US.

Pangasius Exports Decline to the EU

Especially noteworthy is the export of pangasius to the EU, which decreased by 36 percent year-on-year to 53.4 million USD. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the shipments to this market are forecast to continue to decrease in the next several months.

Shrimp Exports Maintain Growth

In the five-month period of 2020, only shrimp exports maintained a growth rate of nearly 4 percent, with an export value of nearly 1.2 billion USD. This was a notable exception to the overall decline in seafood exports, which were estimated at over 1.1 billion USD, down over 4 percent compared to the same period in 2019.

COVID-19 Impact on Aquatic Exports

The impact of COVID-19 on Vietnam’s aquatic exports is significant, with the pandemic affecting almost all of its export markets. With the ongoing global situation, it is challenging to predict future market trends, and the situation in Vietnam will depend on how COVID-19 continues to impact the country’s economy.