Vietnam has gained more value from its exports of cephalopods to the ASEAN bloc, marking a successful pivot after its “yellow card” depressed its sales to the European Union.
Vietnam exported nearly USD 32 million (EUR 27.5 million) worth of cephalopods to ASEAN countries between January and May this year, a 30 percent jump from 2017, making the bloc a potential alternative market for the products, according to Vietnam Association of Seafood Exporters and Producers.
The export value from squid accounted for 97.3 percent of the total export value to ASEAN with octopus holding the remainder.
The European Commission issued a yellow card to Vietnam in October 2017, warning the country that it would ban its seafood exports entirely unless Hanoi did more to tackle illegal, unreported, and unregulated (IUU) fishing.
The current yellow card is just a warning but increased complaints from E.U. about Vietnam’s catch certification process recently have reportedly driven down Vietnam’s cephalopod export value to the E.U.
As the number of cephalopod cargoes from Vietnam to E.U. declined in the first four months, Vietnam’s export value from the products to the bloc went down 20 percent year-on-year to USD 23 million (EUR 19.7 million) in the period, VASEP said.
Aside from the ASEAN bloc, China, Japan, and South Korea have also emerged as favorite markets for cephalopod exporters from Vietnam. Between January and April, Vietnam shipped cephalopods worth USD 14 million (EUR 12 million) to China, up 158 percent year-on-year; USD 42 million (EUR 36.1 million) to Japan, rising 11 percent from a year ago; and USD 64 million (EUR 54.9 million) to South Korea, up 12 percent from the same period last year.
Photo courtesy of Vinasea
