Aqua-product exports plunge in Q1

HCMC – The number of orders for and the export value of several major aqua-products plunged dramatically in the first quarter of the year.

Data from the General Department of Vietnam Customs showed that revenue from aqua-product exports dropped 28% over the same period in 2022 to US$1.8 billion.

Major aqua-products such as tra fish, shrimp and tuna tumbled around 30%-37% year-on-year, while crabs and other products dipped 2% to 42%.

Revenue from fishery exports to the U.S. market in the quarter slipped by half compared to the same period in 2022, at US$284 million.

Seafood exports to the Australian market slumped 30% year-on-year to US$65 million.

The value of aqua-products shipped to Asian markets such as China, Japan, Korea and Thailand also declined steeply, ranging from 7% to 23%.

According to the Vietnam Association of Seafood Exporters and Producers, the sector is grappling with difficulties, which results from a steep fall of 20-50% in new orders amid escalating global inflationary pressures.

This has led to an interruption in the domestic production of raw seafood materials and shortages of capital for aquafarming among businesses.

The association expects unfavorable conditions to continue through the second quarter and the sector to see some light at the end of the tunnel in the third quarter, given that there are incentives in tax and debt payment extension and interest cuts.

Last week, the Government decided to extend the payment deadline for enterprises to pay value-added tax, corporate income tax, personal income tax, and land rent for the fifth time and decrease the VAT from 10% to 8% for certain goods and services.

It has tasked the Ministry of Finance with preparing documents before the National Assembly at the upcoming government meeting.