Evaluation of the seafood industry in the first 9 months of the year and prospects for Q4/2022
In 2022, although Vietnam’s seafood processing and export industry faces many difficulties, the world’s seafood consumption demand has always remained stable and increased sharply. Vietnam’s seafood processing and export is forecasted to have many bright spots and is expected to have a breakthrough growth in the last 3 months of 2022.
The picture of the seafood industry in the first 9 months of 2022
According to the General Statistics Office, the total fishery production in the first nine months of 2022 was estimated at 6,602.8 thousand tons, up 2.6% over the same period 2021 (the third quarter of 2022 was estimated at 2,406 thousand tons, up 2.8%). ). In which, fish reached 4,751.2 thousand tons, up 1.9%; shrimp reached 886.6 thousand tons, up 8.8%; other aquatic products reached 965 thousand tons, up 1.1%.
Figure 1.1 Fisheries output in the first 9 months of 2022
Aquaculture production in the first nine months of 2022 was estimated at 3,611.2 thousand tons, up 7.2% over the same period 2021 (in the third quarter of 2022 reached 1,343.5 thousand tons, up 6.9%) including : Fish reached 2,415.6 thousand tons, up 6.5%; shrimp reached 777.6 thousand tons, up 10.4%; other aquatic products reached 418 thousand tons, up 5.5%. Pangasius farming has thrived due to the increase in prices of pangasius in the Mekong Delta in recent months and high demand in the world market. Pangasius output reached 1,139.5 thousand tons, up 10.9% over the same period 2021; black tiger shrimp reached 202.1 thousand tons, up 2.4%; Vannamei shrimp reached 533 thousand tons, up 14.3%.
Figure 1.2 Aquaculture and fishing fishermen
The catch in the first 9 months of 2022 was estimated at 2,991.6 thousand tons, down 2.4% over the same period 2021 (the third quarter of 2022 was estimated at 1,062.5 thousand tons, down 1.9%).
Opportunities in Vietnam’s seafood industry in the fourth quarter of 2022
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in 2022 although affected by Covid-19, the impact from the Russia-Ukraine war, high inflation,… . But seafood enterprises in Vietnam have taken the opportunity from markets with great demand such as the US, EU, China and markets that always prefer processed seafood products in Vietnam such as Japan, Korea, and Australia. Many Vietnamese enterprises have outstanding growth in export sales in the first half of 2022. Especially with pangasius exporters. This is a key product of Vietnam’s seafood industry, which accounts for 95% of the world’s white fish meat, an increase of 80% in the first 7 months of 2022.
Figure 1.3 Pangasius processing and exporting factory
China is a potential market for seafood exports from Vietnam when there are many promises of recovery due to the removal of the import suspension policy for frozen food. Experts also said that, although not reaching the peak of the first quarter of 2022, the demand for seafood increased rapidly in September 2022 and is expected around the year-end holiday period from November to December in the following regions: Europe and the US will contribute to ensuring the growth of seafood exports and processing in the fourth quarter of 2022.
The challenges for Vietnam’s seafood industry in the fourth quarter of 2022
According to the Association of Seafood Exporters and Producers (VASEP), in the last three months of 2022, the seafood industry may face difficulties because businesses are burdened with increased costs, affecting input costs for seafood. production, product costs increased, directly affecting the competitiveness of seafood products and industries of Vietnam.
In addition, the increase in fuel prices in the first half of 2022 leads to 40-50% of Vietnam’s fishing vessels having to “lose ashore”. This directly affects the source of input materials for processing factories, decreasing by 70-80% compared to before.
Another difficulty faced by seafood enterprises is that the procedures for certifying the origin of caught fish are still inadequate. As of June 2022, the EU has not removed the IUU yellow card for Vietnamese seafood.
VIRAC provides a variety of research reports on many economic sectors in Vietnam; including analysis from overview to details of the market, products – services according to the needs of customers in many different fields.
Vietnam Industry Research and Consulting Joint Stock Company is confident to be a reliable companion of your business on the way to conquer the Vietnamese market.
REGISTER TO RECEIVE DEMO OF THE SEAFOOD REPORT