Shrimp processing in Vietnam.

Vietnam sets new record for seafood export earnings

Country surpasses $10bn mark and expects returns of more than $11bn by end of year


Vietnam, a major producer of farmed shrimp and pangasius (commonly called basa), is expected to make a record US $11 billion from seafood exports this year, 25% more than in 2021, reports Nong nghiep website.

Export earnings have already passed the $10 bn mark for the first time, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

By the end of November, seafood export value reached $10.2 bn, up nearly 28% over the same period in 2021.

Growth in the first nine months of 2022 was primarily due to a strong recovery in market demand in most major import markets, especially the United States, Europe, and China. The higher price of exported seafood, up on average between 15% to 60%, was also significant.

$4bn-plus for shrimp sector

By the end of November, the value of shrimp exports surpassed $4 bn in a year for the first time, while tuna export earnings stood at $941 million and should top $1 bn by the end of the year.

Earnings from pangasius exports increased by 63% to nearly $2.3 bn in the first 11 months of 2022, and the value of squid exports was up by 42% to $372 m.

US importers have been the biggest buyers of Vietnamese seafood this year, spending more than $2 bn by the end of November, an increase of nearly 10% over the same period in 2021.

Exports to China / Hong Kong and the Japanese market were worth around $1.6 bn and the EU market spent more than $1.2 bn. Exports to South Korea were worth more than $882 m.