Business

Aquatic exports likely to hit record of over 10 bln USD in 2022

Aquatic exports are forecast to have hit a record of 10 billion USD in this November thanks to businesses’ flexible adaptation to changes in the global market, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Aquatic exports likely to hit record of over 10 bln USD in 2022 ảnh 1A shrimp processing factory in Vietnam (Photo: VNA)
Hanoi (VNA) –Aquatic exports are forecast to have hit a record of 10 billion USD in this Novemberthanks to businesses’ flexible adaptation to changes in the global market,according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

By optimising advantages createdby free trade agreements (FTAs), Vietnamese enterprises have been working toturn challenges into opportunities, the Lao dong (Labour) daily reported.

The sector is predicted tomake up 3% of the country's total overseas shipments this year.

Vietnam is currently the world’sthird largest exporter of fishery products, after China and Norway. With theobtained results, its aquatic exports are expected to hold an over-7% share inthe global market.

The newspaper said the to-be-obtained turnover is attributable to not good luck, but the combinationof multiple factors, including authorities’ timely actions to sustainproduction chains, trade promotion effectiveness, and businesses’ capacity.

For example, despite a year-on-yearrevenue decline in the US market, overall shrimp exports have still grownthanks to market diversification and the capitalisation of advantages generatedby FTAs.

Many economic experts heldthat the fishery sector has seen positive signs for the remaining months of2022 but due to impacts of the global economic situation, it is still facing various difficulties such as inflation and economic downturn in importmarkets, along with a decrease in orders./.
VNA
#aquatic exports #Vietnam Association of Seafood Exporters and Producers #VASEP #free trade agreements #FTAs #fishery products #fishery sector #updated Vietnam news #Vietnamplus #Vietnam News Agency
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