Aquatic exports to China anticipated to surge considerably in 2023

Le Hang, communications director of the Vietnam Association of Seafood Exporters and Producers (VASEP), pointed out that China’s reopening is anticipated to push up the consumption for Vietnamese seafood products.

Despite rising global inflation, China remains an attractive market for Vietnamese seafood enterprises this year, particularly thanks to its increasing demand, geographical proximity, lower logistics costs, and low risks than other markets, said Hang.

Sharing this perspective, Le Ba Anh, deputy head of the National Agro-Forestry-Fisheries Quality Assurance Department (NAFIQAD), emphasised that Vietnamese seafood exports, especially items such as lobster, white shrimp, black tiger shrimp, and crab, are all projected to record extensive growth following China’s reopening of its borders.

Over recent times, despite the impact of their ‘Zero-COVID’ policy imposed by China, both countries have maintained import and export registration and licensing procedures for their enterprises.

So far, the Chinese side has granted licenses to 802 Vietnamese enterprises, while 780 Chinese firms are also authorised to export their products to the Vietnamese market.

VASEP statistics indicate that though Vietnam’s seafood exports in December fell by 13% year on year to US$785 million last year, exports to China (including Hong Kong) increased by 17%, opening up bright prospects ahead for a boom in export growth in the near future.

With the Chinese market bringing in a revenue of over US$1.8 billion for the Vietnamese seafood industry last year, representing a rise of 59% compared to 2021, there are positive signs for the aquatic products to see a sharp rise after the reopening.

In order to achieve the seafood export target of US$10 billion this year, Truong Dinh Hoe, general secretary of the VASEP, advised local firms to devise specific marketing strategies in order to make effective inroads into China, which is Vietnams largest trading partner.

Furthermore, local businesses are required to gain greater insights into policies of each locality in a bid to develop a strategy suitable for each product and deal with fierce competition from regional rivals such as Ecuador and India.

Experts have also pointed out that Vietnamese firms must make thorough preparations in terms of workforce and investment in aquaculture in order to gain a greater market share and enhance competitiveness in the market, as well as ramping up trade promotion activities.

VASEP representatives recommend that local enterprises strive to improve product quality to seize opportunities from China’s border reopening and favourable factors, such as low logistics costs and the impact of prolonged inflation in the United States and the EU.