Vietnam Seafood Industry Rapid Growth Continues Through The Year 2021 Despite The Covid-19 Pandemic

Bởi Meksea Team - July 14, 2021

How did the seafood industry grow up steadily in the first 6 months of 2021?

According to a report of the Vietnam Directorate of Fisheries, it is estimated that by the end of June, the total fishery production will reach 4.1 million tons, increased 3% over the same period in 2020. Of which, the fishing yield will reach nearly 2 million tons, increase 1%; aquaculture output reached 2.1 million tons, increase 4%; The value of seafood export turnover in the first 6 months of the year was estimated at 4.1 billion USD, increased 13.6% over the same period and reaching 47.1% of the plan thanks to the recovery of consumer demand in major markets such as the US, the European Union (EU) and other potential markets.

Regarding shrimp, in the first 6 months of the year, shrimp production is estimated at 371 thousand tons, increased 12% over the same period in 2020. In which, the yield of Black Tiger is nearly 113 thousand tons, and the yield of Vannamei is nearly 113 thousand tons. Vannamei reached nearly 258 thousand tons. Regarding Pangasius, it is estimated that by the end of June 2021, the harvested yield will reach 704.1 thousand tons, increased 0.9% compared the same period; Pangasius export turnover reached 637.9 million USD, increased 14.7% over the same period.

Compared with the target, the total yields reached 104.3%, of which, the aquaculture production reached 102.3%, the fishing yield reached 106.8 %; compared with the whole year plan target, the total fishery yield reached 47.6%; in which, exploitation yield reached 51.9%, aquaculture production reached 44.2%.

These results are positive despite many difficulties of Covid-19 pandemic. Based on the achievements, in the last 6 months of the year, the fisheries sector is determined to strive to realize the dual goals and the annual plan targets set by the Minister of Agriculture and Rural Development. Specifically, the total production reached 8.6 million tons, including: fishing yield 3.85 million tons, aquaculture production 4.75 million tons (in which: Pangasius reached 1.55 million tons; shrimp 943 thousand tons); export turnover of 8.5 billion USD.


Seafood export value has increased healthily

Thanks to the recovery of consumer demand in major markets of Vietnamese seafood such as the US, EU and other potential markets, Vietnam’s seafood export turnover in June 2021 increased by 20% compared to the same period last year. As a result, seafood export value in the first 6 months of the year reaches 4.1 billion USD.

According to Vietnam Association of Seafood Exporters and Producers (VASEP), Pangasius is being consumed well in the US, European, and Chinese markets. As of the end of June 2021, Vietnam’s export value of other seafood products reached 1.6 billion USD, increase 16% over the same period in 2020. Seafood sources accounted for nearly 40% of the export proportion in the first 6 months of this year; in which, tuna export value reached 364 million USD, increased 24% over the same period in 2020. Export value of squid and octopus reached 277 million USD, increased 15% compared to the same period last year. Other types of fish reached USD 847 million, up 13%.

Mr. Truong Dinh Hoe, General Secretary of VASEP said that squid, octopus and tuna are all growing in most major markets. In recent months, import value of Vietnamese tuna has increased 1.5 times in the US market compared to the same period last year, so in the first half of the year, tuna export value to the US increased by 23%. The US is consuming 43% of Vietnam’s tuna. When the US market reopens, all segments of tuna products have the opportunity to increase market share. Other key markets all have very optimistic signals of growth. Typically, Italy increased 122% in the first 6 months, Israel increased 37%, Canada increased 62%.

The Chinese market is Vietnam’s fifth largest cephalopod consumption market, accounting for 6% of total exports of squid and octopus. In the last 3 years, Vietnam’s export value of squid and octopus to China have tended to grow continuously. The export value of squid and octopus in 2020 will increase by nearly 61% compared to 2019. Entering 2021, this growth trend will continue. Import value of dried squid and grilled squid into China from Vietnam continued to grow impressively by more than 300% compared to 2020. Besides, Vietnam’s export value of fresh and frozen squid to this market have also increased again.

Regarding the Korean market, the largest market for Vietnam’s squid and octopus consumption, accounting for 41% of the total export volume of squid and octopus, is on an increasing trend, with a growth rate of 7-8%. The Japanese market, accounting for 20% of Vietnam’s squid and octopus export value, is also showing a good trend. At the same time, export value of squid and octopus to Italy have grown sharply by 170% in recent months and increased by nearly 70% in the first half of the year. Those are good news for Vietnam’s seafood exports to reach $9 billion in 2021.


By Emily (Business Team)




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