The fishery sector is a crucial sector in the Vietnamese economy. Currently, even though domestic demand for seafood is rising due to the rising disposable incomes, most of the fishery products are being exported. China, Thailand and Vietnam together produce more than 70% of the world's total farmed shrimp output. Vietnam exports seafood to 164 markets and the sector supports more than 4.5 million jobs.
Key export markets include the United States, EU, Russia, Japan, China and South Korea. Main items forming Vietnam’s seafood export include shrimps, striped catfish, pangasius and hard clams. Vannamei production is around 90% while black tiger constitutes the remaining 10% of shrimp production in the country.
The COVID-19 outbreak has caused export orders of seafood from Vietnam to be reduced by 30-50%. The orders have either been cancelled or put off and in the early part of the outbreak, producers had difficulty fulfilling the orders that did exist, due to shortage of material and labour. Importers in Europe halted seafood shipments around late February and early March 2020, while by mid-March 2020 importers in the United States and the rest of Asia & Middle East, began to cancel or postpone orders. Other than loss of export revenue, this has led to stockpiles in Vietnam.
The most affected has been the pangasius sector in January and February 2020. Vietnam exported pangasius amounting to USD 210.3 million through February, recording a decline of 32.1% year-on-year. Trade with China has been impacted the most, and exports fell by 52% year-on-year to reach USD 28.4 million.
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The report ‘Assessment of Vietnam's Seafood Sector 2020’ highlights key dynamics of the global and Vietnam’s seafood sector. The current market scenario, growing opportunity in the sector and the impact of the Covid-19 global outbreak has been studied. The report contains latest views and opinions of industry leaders.
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