The export value of aquatic products hit nearly 4.2 billion USD in the first half of 2023, down over 27% year-on-year.
The Vietnam Association of Seafood Exporters and Producers attributed the decrease to weak market demand and hikes in the prices of feed, fries and other input expenses, leading to higher production costs.
Despite lower selling prices, it remains difficult to find buyers, resulting in increased inventory and escalating costs.
Several markets like Japan, the Republic of Korea and Australia are still considered promising for Vietnam's products of strength. Some Southeast Asian markets are also seen as potential due to their stable economic situation, lower inflation, and geographical advantages, along with tariff benefits from free trade agreements.
The association suggested the Government and competent ministries reduce lending rates; extending the maturity of loans and continuing to provide credit lines to enable businesses to maintain the collection of raw materials, among others./.
