Vietnam’s dried and canned fish exports experienced an increase in revenue, despite the downturn in the overall seafood products in January-May, according to the most recent data released by the Ministry of Agriculture and Rural Development.
The ministry’s figures showed that seafood exports amounted to US$3.47 billion during the five-month period, indicating a decline of 25.9 percent over the same period last year.
Falling imports from major markets such as the U.S., EU, China, and South Korea contributed to the overall drop.
The most substantial decline was observed in the U.S. market, with a reduction of over 50 percent.
Amidst the overall slump in seafood exports, dried fish and canned fish emerged as a positive aspect, exhibiting higher export turnover in comparison to the corresponding period in 2022.
In April, the exportation of various types of dried marine fish witnessed a significant increase of 65 percent in revenue, reaching a value of nearly $26 million.
In the cumulative period of the first four months of the year, these particular products generated revenue of nearly $78 million, marking a notable growth rate of 33 percent compared to the same period last year.
Mainland China, Russia, Malaysia, Hong Kong, and South Korea were the five leading markets for the consumption of dried fish exported by Vietnam.
Truong Dinh Hoe, secretary general of the Vietnam Association of Seafood Exporters and Producers (VASEP), attributed the two opposite export scenes to a gradual shift away from fresh and live seafood products toward dried and canned fish due to inflation.
“Consumers are less likely to purchase fresh fish due to its elevated selling price,” said Hoe.
“Instead, they opt for fish that has been cut into pieces and processed in advance, marinated with spices, and made ready-to-eat or packaged with spices and instructions for preparation, primarily because of the more affordable and reasonable cost associated with these options.
“Vietnamese enterprises must tailor their pricing strategies and enhance product offerings by incorporating additional services to capitalize on this emerging opportunity."