Optimistic outlook for VN's year-end seafood exports
15:38 | 04/12/2020

VGP – Thanks to positive recovery since the third quarter, the Viet Nam Association of Seafood Exporters and Producers (VASEP) forecasts that the country’s seafood exports in 2020 could reach about US$8.4 billion and the market outlook will be much brighter in 2021.

Optimistic outlook for Viet Nam’s year-end seafood exports

Better signals from the market

Since early Q3, Viet Nam’s seafood exports have recovered positively as many importing markets have completely removed social isolation requirements.

General Secretary of VASEP Truong Dinh Hoe said that after reporting a slump in the opening months of 2020 due to the impact of the COVID-19 pandemic, seafood exports have bounced back in recent times, with an extraordinary surge recorded in shrimp shipment.

Given the fact that November-December annually is the peak period of seafood exports, businesses have proactively grasped market information and cooperated closely with importers in order not to miss the export orders.

“With the recent recovery of the market, we predict that by the end of 2020, the export value of the entire seafood industry will reach about US$ 8.4 billion, a slight decrease compared to the 2019 result,” Hoe added.

Addition boost from rising world demand

Along with the positive recovery in 2020, analysts of the BIDV Securities Joint Stock Company (BSC) expect the trend of demand recovery to continue in the near future as the people are gradually used to the impact of the pandemic.

In addition, the tax reduction benefits from the EU-Viet Nam Free Trade Agreement (EVFTA) will boost seafood export turnover to a new level (especially for shrimp products).

“The seafood export price remains low, but the most negative moment has passed and the situation will become more positive in 2021,” BSC analysts forecast.

According to experts, the recovery of the market next year is not the only optimistic signal for Viet Nam’s seafood exports, as the Food and Agriculture Organisation of the United Nations (FAO) predicted that by 2030, global seafood consumption will increase by 18% (28 million tons) to 21.5kg per person.

Notably, about 71% of seafood for food in 2030 (about 183 million tons) will be consumed in Asia.

This is considered a driving force to promote the better growth of Viet Nam’s seafood exports after the pandemic because the country has advantages in terms of seafood production, farming and processing./.

By Vien Nhu

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