Vietnam’s Seafood Exports to the US Set for Recovery in H2 2023

According to a recent report by VASEP, Vietnam’s seafood exports to the United States are expected to recover in the second half of 2023. After a challenging period due to the pandemic and market fluctuations, the industry is poised for a resurgence.

In 2022, Vietnam’s seafood exports to the US recorded a decline of 10.2%, reaching approximately $1.48 billion. However, with the recovery gaining momentum, the forecast for the second half of 2023 is optimistic, indicating a potential rebound in trade volume and value.

The decline in seafood exports from Vietnam to the US can be attributed to high inflation and a large inventory. US importers increased purchases in the first half of 2022 due to stock sentiment and market forecast shortfalls. However, high inflation weakened consumption demand, resulting in a surplus inventory. This led to increased competition and depressed prices for newly imported seafood. As the inventory decreases, it is expected that importers will resume ordering from Vietnam during the year-end busy season.

Kim Phat, a leading seafood exporter in Vietnam, is well-positioned to leverage this upward trend. With its wide range of high-quality seafood products, including Farmed Fish, Marine Fish and Shrimp, and other aquatic delicacies, Kim Phat aims to cater to the discerning tastes of American consumers

As Vietnam’s seafood exports to the US regains stability, Kim Phat is keen on diversifying its product offerings and forging stronger partnerships with US buyers. By providing reliable and traceable seafood options, Kim Phat aims to enhance its reputation as a trusted supplier and contribute to the increasing demand for sustainably sourced seafood in the US market.

With the positive projections for Vietnam’s seafood trade and Kim Phat’s commitment to excellence, the second half of 2023 presents promising opportunities for enhanced collaboration and growth between Vietnam and the United States.