Vietnamese firms account for more than 92% of seafood export turnover

DNHN - In the seafood business, Vietnamese firms contribute 92-95% of export revenue, whereas FDI enterprises account for just 5-8%.

The Association of Seafood Exporters and Producers held a conference titled "Solutions to Strengthen the Enforcement of Legal Policies on Aquaculture Management, Seafood Processing, and Control of Illegal, Undeclared, and Unregulated Fishing." This unit now has 279 member firms, accounting for 80-83% of the country's entire yearly seafood export sales, according to information.

By June 2022, Vietnam would have 830 industrial-scale seafood processing plants, making it the world's third largest seafood exporter after China and Norway. Vietnamese seafood is sold to over 170 destinations, including important and demanding markets such as the United States, Japan, the European Union (EU), Australia, the United Kingdom (UK), and China, with an annual turnover of 8.5- 9 billion US dollars.

According to VASEP, seafood has been among the top ten of Vietnam's main export businesses for the previous three years, contributing to macroeconomic stability. The fisheries sector, in particular, has provided jobs and livelihoods for almost 4 million direct (not indirect) employees, including aquaculture growers and marine fishermen.

According to VASEP, even though Vietnamese firms represent just 26-30% of the country's overall export revenue, FDI enterprises account for 70-84%. In the seafood business, Vietnamese firms contribute 92-95% of export revenue, whereas FDI enterprises account for just 5-8%.

Vietnam's seafood exports hit a record of US$6.7 billion in the first seven months of 2022, up 35% from the same time the previous year. Thus, in the first seven months of this year, Vietnamese firms alone earned a seafood export turnover of over $6,164-6,365 billion USD.

Seafood export turnover created by Vietnamese firms accounts for around 10-12% of overall export turnover generated by Vietnamese enterprises across all industries in the country.

According to VASEP, up to 97% of Vietnamese seafood exports are from private firms. "This is an internal force and a tremendous effort of the business community in integration, competition, and developing high added value, contributing to pushing Vietnamese seafood into the top three in the world," VASEP stated.

PV