HCM City (VNA) – Vietnam’s aquatic product exports will experience only a slight recovery in the first half ofthis year due to market volatility and a host of challenges to the globaleconomy, according to the Vietnam Association of Seafood Exporters andProducers (VASEP).

The sector expects to earn 9.5 billion USD fromexports this year, up 3% from 2023 when the value reached 9.2 billion USD or 92% of the yearly target.

The lower-than-expectation inflation in various country and the persistently high loan interest rates have stymied global economic recovery and, as a result, consumers are notready to open their purse, the association said.

VASEP Communications Director Le Hang noted thatthe Russia-Ukraine conflict and other geopolitical issues will continuedisrupting  the global trade, including the aquatic product market, resulting in surging transportation and input costs which would cause a new inflation storm, thus affecting demand in 2024, she elaborated.

According to VASEP, with rosy signs in late 2023,exports to some markets like the US, the European Union (EU), and the Republicof Korea (RoK) would bounce back in the first months of this year. Besides,Vietnamese exporters are still seeking ways to expand the markets.

Hang said Vietnamese shrimp will further facecompetitions from Ecuador and India in terms of price and supply insuch markets as the US, China, the EU, and Japan.

Notably, the European Commission (EC)’s “yellow card”warning against Vietnamese seafood remains a challenge to aquatic exports, theassociation said, stressing that it must be lifted within the year topave the way for shipments to the EU.  

However, tra fish (pangasius) exports will be asilver lining as inventory in the US, China, and the EU has decreasedsignificantly. Its price, therefore, is expected to increasein the markets.

VASEP forecast that the sector will rake in 4billion USD from shrimp export and some 1.9 billion USD from tra fish thisyear./.