China - potential export market of Vietnamese seafood

Processing seafood for export

More than 800 enterprises are qualified to export

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), China and Hong Kong currently consume Vietnamese seafood in large quantities. This market is considered potential in the context of the world economy entering recession and consumption in some traditional markets such as the EU and US decreasing.

Recognizing this potential market, Vietnamese seafood businesses have made efforts to invest in equipment, factories as well as increasingly high requirements for processed products that meet the requirements of importing countries.

The General Administration of Customs of China has announced a list of more than 800 Vietnamese seafood processing enterprises qualified to export seafood to China, and has approved product codes for 40 crab packaging facilities live lobster and five packaging facilities for black tiger shrimp, white leg shrimp, 128 types of products and 48 aquatic species of Vietnam. This is a condition for Vietnamese businesses to access and continue to promote exports and exploit this market of 1.4 billion people.

Although seafood export turnover in the first eleven months of this year decreased by 18.9% compared to the same period last year, VASEP said that China is the main import market for many seafood products from Vietnam. Currently, 30% of Vietnam's pangasius export value comes from the Chinese market. Vietnam is the 7th largest seafood supplier to the Chinese market in 2023.

It is notable that a company has signed a contract to officially export live lobster to Kunming City (China) with a quantity of 2,000 tons, to be implemented in 2023. This is an largest official export contract of shrimp live lobster for domestic enterprises.

According to businesses, China will likely maintain a strong import trend in the last quarter of 2023 to compensate for the peak consumption season of December, January and February 2024. This is an opportunity for Vietnamese seafood businesses to speed up exports.

Lots of room to export seafood

Sharing about the potential of the Chinese market for Vietnamese seafood products, Mr. Ho Quoc Luc, Chairman of the Board of Directors of Sao Ta Food Joint Stock Company, said that the number of domestic consumers is huge, the living standards increasingly, the demand for high-quality food including shrimp is increasing day by day, Chinese consumers are preferring fresh and live shrimp.

Therefore, the Vietnamese shrimp industry will tend to increase consumption growth in China more and more, promoting Vietnam's strengths of farming shrimp all year round, being close to China and especially having the largest black tiger shrimp production in the world.

According to experts, China's economy has improved markedly. Since the third quarter of 2023, growth in the market will reach an even higher speed when the world's second largest economy enters the peak of the trading season. Although we are facing many risks and challenges, in the context of a global economic recession, combined with the impact of the Russia-Ukraine conflict, the Chinese economy stands strong and is on the path to recovery gratifying sign. Demand for tourism, hotels, and restaurants is recovering and growing.

With many advantages, businesses expect that the general recovery of the economy, especially the service industry, will partly increase the export turnover of Vietnamese seafood to the Chinese market.

In order to further promote the export of agricultural products, especially seafood and vegetables to the Chinese market and implement the National Trade Promotion Program, to support businesses in maintaining export activities and participating in into official distribution channels in China, in early November 2023, the Ministry of Agriculture and Rural Development coordinated with the Vietnamese Embassy in Shanghai, trade representative agencies and relevant agencies. The agency organizes trade delegations and promotes fruit and seafood supply chains that meet regulations in official export to the Chinese market.

Through this conference, Vietnamese businesses have helped find importers of agricultural products, especially vegetables, fruits and seafood in the Chinese market to increase exports; Support trade connections, aiming to introduce Vietnamese seafood and fruit and vegetable products to meet current market requirements, bringing products with Vietnamese export advantages to distribution systems, a large Chinese import group.