China increases imports of Vietnamese seafood

China has moved to increase the import of aquatic products from Vietnam, with import value rising by up to 114% after enduring a downward trajectory throughout January and February, according to figures compiled by the Vietnam Association of Seafood Exporters and Producers (VASEP).

The VASEP have revealed that the country's total seafood exports during February suffered a decline of 17% to over US$410 million in comparison to the same period from last year due to the Lunar New Year, known locally as Tet.

Despite this, aquatic exports have started to enjoy a recovery due to the export value to various markets increasing sharply.

The leading 10 markets with the highest seafood import turnover from the nation in February include the United States, Japan, the Republic of Korea, China, Canada, Thailand, the UK, Russia, and the Netherlands, making up 75.4% of total Vietnamese seafood exports.

Exports to the US market have also maintained the momentum with a rise of 25% in January followed by growth of nearly 10% in February, with exports to Canada also surging by 31% in February.

Furthermore, Canada became the country’s fourth largest export market, making up 4.6% of Vietnamese seafood exports, second only to the US with 21%, Japan with 7.8%, the Republic of Korea with 9.2%, and China with 8.3%.

Most notably, China has strongly increased imports from the nation in February, with value reaching up to 114% after experiencing a drop of 10% in January, opening up bright prospects ahead for local seafood exports over the coming months.

Moreover, seafood exports to the UK and other major markets also enjoyed a sharp increase in February due to the positive impacts of both the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), according to the VASEP.