Prices of Vietnam’s seafood exports plunge

Vietnam has seen a sharp decline in the prices of its key seafood exports, which is currently the biggest issue confronting local seafood producers and exporters, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). Meanwhile, tra fish (pangasius) export prices plummeted to $2.80 from the record of $5.26 per kilogram. In 2023, Vietnam's seafood exports to key markets, including the U.S., Japan, China, the European Union (EU), and South Korea, experienced a decline ranging from 11 percent to 28 percent compared to 2022. VASEP blamed the plunge in tra fish prices on the import markets’ handling of stocks, resulting in smaller imports. VASEP hopes Vietnam’s seafood shipments will gradually recover in 2024 and turn positive in the second half of this year to hit $9.5-10 billion.