Vietnam Seafood Sector to See Strong Growth in 2021-2030: Report | Business
Hanoi (VNA) – from Vietnam seafood industry should enjoy High increase over the 2021-2030 period thanks to the growth seafood consumption per capita around the world, according to a recent report by the Organization for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization of the United Nations (FAO).
Free Trade Agreements (FTAs) signed between Vietnam and its partners will also help boost the development of the seafood industry in 2022.
According to the Agriculture Outlook Report 2021-2030, global seafood consumption per capita is expected to reach 21.2 kg by 2030, from an average of 20.5 kg in 2018-2020.
Per capita consumption of sea products will increase by 3.6% over the period 2020-2030.
In 2030, aquaculture is expected to provide 57% of fish for human consumption, 4% more than in 2018-2020.
Seafood consumption is expected to grow on all continents, driven by rising incomes, urbanization, expanding production, improving distribution channels and product innovation. Consumption is expected to continue to increase over the next decade.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), shrimp continues to drive the growth of Vietnam’s seafood exports. The value of shrimp exports is expected to increase by 10% from 2021 to reach USD 4.3 billion in 2022.
The recovery of the restaurant industry in the United States – the largest importer of shrimp and tra fish from Vietnam – will help the Southeast Asian nation’s seafood industry grow in 2022 .
Vietnamese companies have flexibly adjusted their production activities amid the COVID-19 pandemic, meeting the growing demand in the US market.
In the first 11 months of 2021, the United States imported more than 726,000 tons of shrimp, up 7% year-on-year, mainly from Vietnam, India, Ecuador, Indonesia and Thailand.
VASEP said Vietnam’s shrimp exports to the United States are expected to rise sharply in 2022, adding that Vietnam’s transition to flexible adaptation to COVID-19 will help the country gain market share in the United States.
Additionally, the United States doubled the anti-dumping duty on prawns exported from India to 7.15% from 3% in November 2021, boosting the competitive advantage of India’s rival countries including Vietnam.
Besides the US market, the EU-Vietnam Free Trade Agreement (EVFTA) will also help Vietnam gain a competitive edge in the EU in 2022.
Under the EVFTA, for Vietnam shrimp products exported to the EU, the tax rate for black tiger shrimp is zero percent, while the rate for frozen whiteleg shrimp will be phased in reduced to zero percent by 2025.
Excluding shrimp, tra fish export revenue is expected to reach around $1.65 billion in 2022, equivalent to a 7% year-on-year increase.
According to the Department of Fisheries of the Ministry of Agriculture and Rural Development, Vietnam’s seafood export revenue in 2021 was estimated at $8.89 billion, up 5.7 percent on one year and 4.6% compared to the objective set for the year./ .