Adapt promptly to changes in the seafood market

Regarding the issue of decreasing export value of seafood - one of the key products in the agricultural sector, Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that, facing difficulties and challenges for the economy, total demand has decreased significantly, many industries have no orders. In many industries, workers only work a few sessions a month, affecting workers' income, thus reducing living and consumption needs. This is considered the main reason for the decrease in export value of Vietnamese seafood.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien acknowledged that although seafood exports decreased compared to the same period last year, the decrease is gradually narrowing. In fact, this number does not have too negative meaning, because the Vietnamese seafood industry has had a breakthrough growth in 2022.

Illustration photo.

Changing market trends

According to information from the Vietnam Association of Seafood Exporters and Producers (VASEP), many seafood businesses have reported declining business results and profits since the beginning of the year, but there are still some products that have grown quite well, such as dried fish and canned fish.

In April 2023 alone, exports of various types of dried marine fish increased by 65%, reaching nearly 26 million USD. In the first 4 months of the year, this product earned nearly 78 million USD, an increase of 33% over the same period last year.

The largest market for consuming dried fish in Vietnam is China, accounting for 56%, Russia for 17%, and Malaysia for 8%.

In addition, many other markets also increased imports of dried fish from Vietnam in the first 4 months of the year. Specifically: Taiwan (China) increased by 45%, Romania increased by 90%, Australia increased by 10%, Lithuania increased by 61%.

The export of dried fish products from Vietnam has shown that in an inflationary environment, when prices dominate purchasing behavior, consumers have changed their habits. Fresh/live products are gradually being replaced by dried and canned goods.

VASEP recommends that seafood exporters, in addition to the pressure to adjust prices to make them more attractive, should pay attention to increasing product services to stimulate demand. For example, with fish products, many distributors around the world are focusing on providing fish that is cut into pieces, pre-seasoned, processed for immediate consumption or pre-packaged with seasoning and processing instructions...

Focus on China and Japan markets

Mr. Le Ba Anh - Deputy Director of the Department of Agricultural, Forestry and Fishery Product Quality Management, Ministry of Agriculture and Rural Development said: "In the coming time, we need to pay special attention to the Chinese market because we have the advantage of distance. The Japanese market has both the advantage of distance and great trust in Vietnamese shrimp products. These will be two key markets".

On May 31, at the Vietnam-China Agricultural, Forestry and Fishery Trade Connection Forum through Yunnan Province, Deputy Minister of Agriculture and Rural Development Tran Thanh Nam also acknowledged the demand for importing seafood from Vietnam by Chinese businessmen.

Currently, Chinese Customs allows seafood import registration through smart platforms on websites; at the same time, independent sampling for testing is not relevant and causes costs for import and export businesses.

The testing of seafood products is also different from other agricultural products with very reasonable testing rates. Specifically, for lobsters, Chinese Customs is testing for 8 types of diseases and bacteria such as intestinal disease, white spot, hepatopancreatic disease, etc.

Deputy Minister Phung Duc Tien said that in the current situation, it is necessary to restructure the market and expand the consumption market. Along with that, the agricultural sector will strengthen trade promotion with each industry and each market. The leaders of the Ministry of Agriculture and Rural Development have assigned unit leaders to focus on trade promotion for traditional and potential markets such as the US, China, Japan, EU... with Vietnamese products that are advantageous. At the same time, promote negotiations to diversify agricultural products that are officially exported to many markets.

To ensure the 2023 fisheries plan targets, the industry will promptly direct aquaculture production in response to weather developments and market demand. At the same time, it will continue to coordinate with localities to strictly implement solutions to combat illegal fishing.