Aquatic exports likely to hit record of over 10 bln USD in 2022

A shrimp processing factory in Vietnam (Photo: VNA)

Aquatic exports are forecast to have hit a record of 10 billion USD in this November thanks to businesses’ flexible adaptation to changes in the global market, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

By optimising advantages created by free trade agreements (FTAs), Vietnamese enterprises have been working to turn challenges into opportunities, the Lao dong (Labour) daily reported.

The sector is predicted to make up 3% of the country's total overseas shipments this year.

Vietnam is currently the world’s third largest exporter of fishery products, after China and Norway. With the obtained results, its aquatic exports are expected to hold an over-7% share in the global market.

The newspaper said the to-be-obtained turnover is attributable to not good luck, but the combination of multiple factors, including authorities’ timely actions to sustain production chains, trade promotion effectiveness, and businesses’ capacity.

For example, despite a year-on-year revenue decline in the US market, overall shrimp exports have still grown thanks to market persification and the capitalisation of advantages generated by FTAs.

Many economic experts held that the fishery sector has seen positive signs for the remaining months of 2022 but due to impacts of the global economic situation, it is still facing various difficulties such as inflation and economic downturn in import markets, along with a decrease in orders./.