Vietnam’s fisheries industry experienced a significant upswing after more than three years of the Comprehensive and Progressive Agreement on Trans-Pacific Partnership (CPTPP).

Le Hang, head of public affairs at the Vietnam Association of Seafood Exporters and Producers (VASEP), told local media that CPTPP’s importers accounted for 25% of his total exports in Vietnam. “It has had a very clear impact on seafood exports”, he said.

Canada’s seafood import demand is very high and it also depends on the Vietnamese market for its stable economy and favorable trade environment, VASEP said, adding that the Mexican market in South America is currently the most important Pangasius import market for Vietnam. China and the United States.

Read: International Protein Newsletter

Hung told the media:
ÔÇťAmong currency fluctuations, the Mexican currency is relatively stable. Economic fluctuations affect this market less than others. It has the potential to become Vietnam’s seafood market across the board.”

In addition to the possibilities and benefits, the CPTPP presents many challenges for seafood companies in terms of technical barriers and quality standards related to rules of origin.

Experts say optimizing the profits generated by free trade agreements (FTAs) has helped many local fish businesses turn challenges into opportunities. As a result, the sector is expected to account for his 3% of the country’s total overseas shipments in 2022.

According to VASEP, Vietnam is now the world’s third largest seafood exporter after China and Norway. With the results achieved, its seafood exports are expected to hold more than 7% of the share of the global market.

This year, Vietnam is expected to reach US$10 billion by November. This is a record milestone for Vietnam’s seafood industry, which has been entering the global market for over 20 years. By the end of the year, it’s expected to hit nearly $11 billion, up 25% from 2021.

Read: International Protein Trade Newsletter

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