HCMCity (VNS/VNA) - Seafood exporters in Vietnam may find the secondhalf of 2022 a challenging period compared to the first due to slowing globaleconomic growth, despite a successful first half of the year, according to aconference held by the Vietnam Association of Seafood Exporters and Producers.

Since the start of 2022, seafood businesses have been focusing on recoveringtheir production, increasing exports and networking with partners after theCOVID-stricken year of 2021.

Exports of seafood in the first five months of the year reached 4.7 billionUSD, a 42% increase year-on-year.

Duringthe conference held in HCM City on June 22, Truong Dinh Hoe, general secretaryof the association, said that export prices grew by up to 15%, and marketsgrew around the world.

The association has been focusing on helping businesses overcome theirdifficulties, facilitating trade, educating members on free trade agreements,and calling for more favourable policies.

However, he noted that inflation is occuring around the world, andinternational transportation fees have increased strongly due to risingpetrol prices.

China is also still maintaining its “zero COVID” policies, hindering Vietnam’sexports to this traditionally lucrative market.

“While export is expected to reach around $6 billion in the first half of2022, we can only strive for 10 billion USD by the end of the year,” Hoe said.

Vietnam has still been unable to remove the European Commission’s “yellowcard”, which was issued in 2017 against Vietnamese seafood exports to itsmarket because of insufficient efforts to meet the EC's regulations to prevent,deter and eliminate IUU (Illegal, Unreported and Unregulated) fishing.

Do Ngoc Tai, general director of Ngoc Tri Seafood Processing JSC, said that thefirst five months of 2022 have been very lucrative for the shrimp industry,with exports increasing by 41% compared to the same period last year.

However, seafood exports are expected to fall for the next few months,only picking up slightly at the end of the year amid holiday demand, dueto global inflation, rising petrol prices, and the Russia – Ukraine conflict.

Some markets are still heavily affected by COVID, leading to lower demand, hesaid.

Rising petrol prices are also hindering fishing trips (including in Vietnam),leading to a drop in raw fish supply, in addition to making fish and shrimpfarming more expensive, according to experts at the conference.

Truong Thi Tuyet Hoa, a representative of seafood company Vinh Hoan JSC, saidthat exporters should look into filling in seafood supply shortages inmarkets around the world, such as selling Vietnamese shark catfish to countrieswith a shortage of pollock supply from Russia.

Exporters have to maintain competitive selling prices and high qualityproducts, she said.

Moretrade facilitation events and connecting fish farmers to manufacturers toensure stable supply are also important, Hoa said./.