In addition to promoting exports, many seafood businesses are expanding their market share in the domestic market.

For example, with many solutions to bring goods into domestic restaurants and supermarkets, revenue in the Vietnamese market of Vinh Hoan Joint Stock Company in the first 6 months of 2024 increased by 47%, reaching 329 billion VND. As a large-scale seafood production enterprise, currently, the domestic market revenue of Minh Phu Seafood Group Joint Stock Company is only less than 1% of total revenue.

To increase market share in the domestic market, at the end of March 2024, Bach Hoa Xanh signed a strategic cooperation agreement with Minh Phu to sell export standard shrimp products in their chain of nearly 1,700 retail stores. Thereby, Minh Phu aims to sell 3,000 tons of shrimp/year with a revenue of 500 billion VND in the "home" market.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in addition to expanding exports; Many seafood businesses consider the domestic market as one of the important market segments and brings positive revenue to the business. VASEP itself also has a business club that consumes domestic goods with 30 businesses. There are businesses whose domestic revenue accounts for 30-50% of total revenue.

Information from VASEP, in June 2024, the country's seafood export turnover is estimated to reach 875 million USD, up 14% over the same period last year. This is also the month with the highest export turnover from the beginning of the year until now.

However, economic experts believe that for the remainder of 2024, the recovery of seafood exports will continue to face many difficulties. To achieve the seafood export target of 10 billion USD in 2024 and 12 billion USD in 2030, businesses need to adapt and adjust their operating plans to suit the market context; Enterprises need to diversify export markets, avoid dependence, and increase exports to new markets. Besides, it is necessary to expand and promote the development of the domestic market.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien said: Vietnamese seafood has been having a high level of processing with many value-added products. Many businesses have invested in technology and equipment to increase processed products and value-added products. In particular, many high value-added products such as cooking oil, collagen, gelatin... have been developed thanks to circular economy and green economy.

Mr. Tran Be Sau - CEO of Viet - Australia Seafood Factory also said that along with finding potential partners and expanding markets to increase export turnover; Enterprises continue to invest in technological innovation to improve quality, increase value and competitiveness of products. This helps products meet market demand and overcome trade barriers of importing countries; as well as meet the increasing demands of domestic consumers.

Source: Dai Doan Ket Newspaper