According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood exports reached just US$780 million in November, the lowest level since Lunar New Year 2022. With the export value over the past month, from the beginning of the year to the end of November, However, seafood exports reached US$10.2 billion, up nearly 28% from the same period last year. And so, Vietnam’s seafood export has reached a new milestone as it surpassed the USD 10 billion milestone in one year for the first time.

In addition to the above milestone, seafood exports also recorded a new milestone in the past 11 months, with shrimp products surpassing $4 billion for the first time. Prawns are still #1 in Vietnam’s seafood exports, accounting for 39% of the total 11-month export value.

Behind shrimp is pangasius with sales of USD 2.3 billion (equivalent to 22.4%). Other fish was next with sales of $1.9 billion, up 18.4%; Tuna reached USD 941 million, accounting for 9.2% share; Squid, squid reached $704 million, up 6.9%…

The US is still the largest market for Vietnamese seafood over the past 11 months, with sales exceeding $2 billion. Among the “billion dollar” markets for Vietnamese seafood are China – Hong Kong at about $1.6 billion, Japan at about $1.6 billion, the EU at about $1.2 billion. The CPTPP market, including Japan, has reached about $2.7 billion in the last 11 months.

According to VASEP, seafood exports topped US$10 billion in a year for the first time in a year, mainly due to strong growth in the first three quarters of the year with market demand benefits, increased export prices and an adequate supply of raw materials to order .

However, export growth has slowed in recent months as market demand has fallen. In October, seafood exports increased by only 2% over the same period, in November 2022 they fell by 14% compared to November 2021. Seafood exports are forecast to continue falling in December and the decline will continue into 2023.