The country is actually facing what we can call its “first covid-19 wave” since the beginning of pandemic in 2020. With more than 15 000 people infected, Vietnamese people are fighting covid-19 by complying with government restrictions: non-essential business/shops are closed, people must maintain a strict social distancing.
If tourism and local businesses are suffering from covid-19 consequences, on the other hand, the seafood exports are gradually increasing, a positive news for country’s economy!
Vietnam’s seafood demand increased its revenue by +12% compared to 2020’s period with a total of 3.24 billion USD.
Pangasius and shrimp are both, the main seafood items from Vietnam to be exported, thanks to the knowledge and the experience of Vietnamese farmers and processors.
USA, Japan, Korea, and China are still the main importer of Vietnamese seafood, representing 56 % of the export value. Vietnam is a reliable source of food supply even during a pandemic.
Vaccination campaigns in other countries helped to stimulate seafood demand: people can go now to the supermarket, invite friend to eat, go on holidays, to entertainment places, etc.
While the export market is recovering, we notice an impact on the price of raw material that seems to slightly increase. Firstly, due to high demands for high volumes and secondly because fish meal’s cost is also increasing for farmers.
Because Vietnam has not been impacted roughly by covid-19 before May 2021, while other markets such as Chinese or Indian were suffering from export/import restrictions, seafood producers and processors kept supplying current customers and also dealt with new customers.
Moreover, recent Free Trade Agreements boosted seafood exportations and will continue to boost exportations once the economic situation will go back to normal.
The last outbreak of covid-19 is a serious risk for Vietnamese seafood industry, affecting workers to operate in processing plants.
Western markets are waking up after a quiet situation. The Pangasius and shrimp exporters will have to (re) connect with EU buyers to promote and stimulate the business, while competitors’ countries will try to attract more customers in their net to catch up against Vietnamese exporters!