More prospects for Vietnam's seafood exports

Vietnam's seafood exports to Australia were 35.5 million USD in April 2022, up 60.3 percent from April 2021.

The Regional Comprehensive Economic Partnership (RCEP) went into force on January 1, 2019, bringing up new potential for seafood exporters to join new production and value chains in the region, as well as assisting Vietnamese enterprises in promoting seafood exports to member nations' markets.

Vietnam's seafood exports to ASEAN countries, China, Japan, and South Korea have all increased in recent years. These findings support the position of Vietnam's seafood industry, which will be one of the industries with sufficient competitiveness to join the RCEP member countries' markets.

China has emerged as a prospective market for our seafood exports among the RCEP's potential customers. If China's seafood import turnover was little over 7 billion dollars in 2015-2016, with an output of 1.7-1.8 million tons, by 2021, this quantity would have risen to 3.6 million tons, with a value of 15 billion dollars in seafood imports.

Malaysia has also emerged as a possible destination for Vietnamese seafood exports. Because Malaysian consumers prefer seafood dishes, there is a significant market for Vietnamese seafood exporters in this country. In Malaysia, Vietnamese seafood currently accounts for 8.8% of the market. Vietnam's seafood exports to Malaysia climbed by 40.7 percent in the first four months of 2022 compared to the same time last year.

Similarly, Vietnam’s seafood imports from Australia are on the rise. According to the General Department of Customs, Vietnam's seafood exports to Australia were 35.5 million USD in April 2022, up 60.3 percent from April 2021. Vietnam's seafood exports to this market in the first four months of 2022 were 128.1 million USD, rising 53.8 percent from the same time in 2021.

The RCEP, on the other hand, puts severe competition pressure on Vietnamese seafood. Our seafood is still primarily exported in raw form, and the value of the items is low. High costs and unrecognized seafood brands on the global market are further flaws that impair our products' competitiveness. As a result, enhancing the quality of exported seafood is one of the most pressing concerns confronting export businesses. 

Quality, food safety and cleanliness, and rules of origin are all put on the top of the priority list in any market, therefore Vietnamese enterprises must meet these standards in order to gain access to picky markets, not just those in the RCEP. Importing countries' sanitary and phytosanitary measures (SPS) and technological barriers to trade (TBT) requirements must be followed by businesses.