In the last months of the year, the seafood industry has many export opportunities, as markets enter the stage of preparing food for the Christmas and New Year holidays. However, according to experts, along with great export opportunities, Vietnamese seafood will face many challenges.

* Competition for supply

According to the Vietnam Association of Seafood Exporters and Producers, from the beginning of 2024, the Ministry of Agriculture and Rural Development set a target of 10 billion USD for seafood exports for the whole year. By the end of September, the seafood export turnover was estimated at more than 7.7 billion USD; of which, shrimp still occupies the leading position in seafood export products, reaching more than 2.8 billion USD, pangasius more than 1.6 billion USD, tuna nearly 800 million USD, the rest are other seafood products.

Mr. Nguyen Hoai Nam, Deputy General Secretary of the Vietnam Association of Seafood Exporters and Producers, shared that in the last months of the year, seafood exports will increase more strongly due to increased demand in import markets. In particular, products with green certification, environmentally friendly, and antibiotic-free will be the most popular. However, the seafood industry also faces many challenges such as shrimp diseases affecting the source of raw materials for processing, in addition to competition with shrimp products imported from Ecuador.

Because, according to Mr. Nguyen Hoai Nam, the Ecuadorian market has strengths in developing shrimp farming with low costs. At the same time, Vietnam has advantages in value-added products and much higher processing technology. But clearly, Vietnamese enterprises are under pressure in most market areas where we have advantages such as: Europe, Japan, Australia...

Regarding the supply of pangasius, white fish and some other aquatic species, Vietnam cannot compete for large supplies like the Chinese market. Information from the Vietnam Association of Seafood Exporters and Producers said that currently, China's seafood output accounts for 60% of the total global seafood output and is the key supplier of seafood to the US and Japanese markets.

According to experts, in addition to objective difficulties, Vietnamese seafood is also facing internal barriers. Up to this point, regulations on the size of exploited tuna have not been resolved. Tuna processing and exporting enterprises are also facing many difficulties because it is almost impossible to buy tuna according to the correct size regulations, leading to insufficient raw materials to produce canned tuna, as well as other products for export, to meet customer demand in the last months of 2024.

* Take advantage

Despite facing difficulties, the Vietnamese seafood industry still has many advantages to exploit. According to Mr. Nguyen Hoai Nam, it is not that Vietnamese seafood has never encountered difficulties, but that seafood processing and exporting enterprises have maximized their existing advantages to maintain exports. In particular, many enterprises have taken measures to save costs as well as seize opportunities from some emerging markets such as the South American market and the Middle Eastern market to balance market demand.

Along with the export market, seafood processing and exporting enterprises do not forget the domestic market. Ms. Nguyen Thi Thu Sac, Chairwoman of the Vietnam Association of Seafood Processors and Exporters, shared that the potential of the domestic market is still very large. To balance supply and demand and reduce dependence on the export market, seafood enterprises need to focus on developing the domestic market, bringing exported seafood products to Vietnamese consumers. In the context of increasingly deep integration into the world economy, Vietnam's trade in general and the seafood industry in particular have had more favorable opportunities for businesses to boost production and increase exports.

Seizing these opportunities, many seafood businesses have successfully overcome market and supply barriers. Mr. Vu Minh Duc, Human Resources Director, Minh Phu Hau Giang Seafood Joint Stock Company shared that currently, businesses having sales contracts is a good sign. In order to be able to consume Minh Phu shrimp products, in addition to meeting shrimp quality requirements, Minh Phu Hau Giang also has a strategy of reducing prices according to the allowed profit margin, still being able to compete with foreign shrimp products, and still being promoted by the domestic market in retail channels such as supermarkets.

To balance the disadvantages and advantages, industry experts have advised businesses that although markets are in great demand, businesses should not be subjective. In addition, businesses need to proactively increase competitiveness and make the most of their advantages, especially promoting the production and export of value-added products. Thereby, creating a driving force to maintain growth momentum for the industry.

Source: Tin Tuc Newspaper