Vietnam seafood exporters face challenges but remain hopeful
HO CHI MINH CITY: Seafood exports are expected to face numerous challenges in the second half of this year, particularly due to US tariffs and raw material shortages.
But demand is recovering in Asia and the European Union (EU).
If a 20% tariff is slapped on Vietnam in August by the United States, exports for the year are projected to be only US$9bil, a 10% decline from last year, according to Le Hang, deputy general secretary of the Vietnam Association of Seafood Exporters and Producers (Vasep).
In the first seven months of this year, exports were worth US$6.22bil, up 17.2% year-on-year, she said, adding that this reflects improving demand, the adaptability of Vietnamese enterprises to global volatility, and efforts by exporters to accelerate shipments to the United States ahead of high tariffs imposed in August.
Exports to major markets such as China, the United States, Japan, Progressive Agreement for Trans-Pacific Partnership countries, and the EU increased.
Exports were up by 43% to China and 10.4% to the United States despite a 19.6% drop in July.
Of the projected annual total exports, shrimp is expected to contribute US$3.6bil to US$3.8bil, pangasius about US$1.8bil, tuna US$850mil to US$900mil and other seafood around US$3bil.
'The imposition of a 20% tariff by the United States starting this month poses a significant threat to Vietnam's major seafood exports to that market, particularly shrimp and tuna,' Hang said.
'Combined with existing anti-dumping and countervailing duties, these measures are weakening the competitiveness of Vietnamese products compared to those from Ecuador, Indonesia and the Philippines.'
She urged businesses to continue improving product quality, investing in advanced processing technologies and diversifying their customer base.
Amid market fluctuations and ongoing global geopolitical uncertainty, the Vietnam Fisheries International Exhibition (Vietfish 2025), Asia's leading seafood exhibition, is expected to help sustain the momentum of Vietnam's seafood trade, according to Vasep.
Vietfish, with the theme 'Innovation and Sustainability' this year, will be held from Aug 20 to 22 at the Saigon Exhibition and Convention Centre in Ho Chi Minh City. — Viet Nam News/ANN
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 hours ago
- The Star
A region on the move
AS the fifth-largest economy in the world right now, Asean's digital economy alone is expected to hit US$1 trillion (RM4.265 trillion) by 2030, with emerging sectors like fintech, green tech, artificial intelligence (AI) and agritech creating demand for skilled talent across the region. Yet, current mobility systems in Asean are not keeping up with the demand, especially for mid-skilled workers, TVET (technical and vocational education and training) graduates and those graduating in growing industries. 'The talent landscape is shifting fast. By 2030, over 60 million young people will enter Asean's workforce,' says TalentCorp Group chief executive officer Thomas Mathew at the preview of the Asean Youth Mobility Compendium recently. 'That's not just a statistic, it's a generation looking for purpose, skills, and pathways. 'The problem? Most of our crossborder mobility still centres on low-skilled roles. 'Meanwhile, demand is exploding in high-value areas, and we're not moving talent there fast enough. We must change that pace.' Asean's strength lies in its interdependence, he adds. 'Think about the electronics and electrical sector. Malaysia, Vietnam and Singapore each play different roles but together they power a regional value chain. 'If talent could move as freely as goods, imagine the shared expertise, the speed of innovation, the mutual benefit.' That is why the agency, along with the Asia School of Business, has developed the Asean Youth Mobility Compendium, to identify and offer potential solutions to structural barriers to youth mobility such as visa restrictions, lack of crossborder credential recognition, and fragmented policies. Despite the strong economic case, former Bangi MP Ong Kian Ming acknowledges that youth mobility has not yet become a top-tier policy concern. 'But this does not have to be the case,' he says. While leaders often cite Asean's collective GDP and market potential, there is little focus on the region's youth workforce. 'I think that is something we can change and add into the conversation, because I think that will be of interest to the stakeholders that we want to reach out to, whether it's international investors or people who want to penetrate the market within Asean,' Ong says. Don't be scared of brain drain Experts say that Malaysia is actually in a good position to champion a new model of regional talent exchange; one that is built on regional trust, collaboration and 'brain circulation'. 'Malaysia can be one of the key countries that can spearhead this kind of mobility thinking and implementation. 'We would be in a very good position to be able to spur and also work with other countries in the region, especially those that are on a similar development scale to us, to really grow the talent pipeline and talent pool in Asean,' says Ong. Or as Asia School of Business associate economics professor Dr Melati Nungsari put it, 'We are in a sweet spot within Asean', in terms of economic development, as we can benefit from both sending people outward and receiving people from other countries. But despite the advantages, Malaysia continues to treat mobility with caution, due to a long-held fear of 'brain drain', says Melati. 'I was trying to advocate for Asean basically like a European Union-style system, where you can work and do an internship wherever you want within Asean. 'But people are saying, oh, what if we lose all of our skilled talents to other countries? I don't think that's the right way to think about it,' she says. Brain drain will always exist because moving for a job as a concept has existed for thousands of years, she says, so the key is to build a Malaysia that people want to come back to. Instead of seeing outward mobility as a drain on national talent, she says, we should think about it as a form of circulating talent while building their capacity. 'So it's more about creating a Malaysia that people want to stay in rather than preventing people from moving out. 'The point is you build people, you don't restrict people. 'You should go get more experience and then hopefully come back,' she says. Ong says Malaysia is well-placed to spearhead a youth mobility movement within Asean. — KAMARUL ARIFFIN/The Star Brain drain will always exist, so instead of fearing it, we should work to build a Malaysia people want to return to, says Melati. Passport for the privileged? Outward mobility may elicit fears of brain drain, but inward mobility gets people worrying about their country being flooded by unskilled migrants, says Ong. So there is a need to focus on the skilled portion of the youth workforce to 'sell' this from a political perspective, he adds. 'The three areas that I think our focus should be on would be, firstly, financial services, given the fact that crossborder digital payments are growing very quickly, and that ecosystem is something that we can invest in. 'The second area would be in higher education in terms of students and academics as well, and the third one would be in the smart manufacturing ecosystem, specifically the electronics and electrical area, which is growing very important from a global supply chain perspective.' But to expand mobility, it's not just about opening doors but also making sure more people can walk through them. 'Mobility should not become a passport for the privileged,' reminds Malaysian Employers Federation vice-president Mohd Farid Shah Mohd Basir. Most crossborder mobility currently tends to benefit youths from urban, middle-to-upper-class backgrounds who have more access to such opportunities, creating a silent gap between the haves and have-nots. 'Most of my peers studied abroad, especially in the UK, and backpacking across Europe was the norm for them, but for many Malaysian local graduates like myself, even a short trip to Jakarta for our final semester farewell is seen as a once-in-a-lifetime experience of going outside Malaysia. 'And that gap in exposure and mobility is real and it's quite often unspoken,' shares a Malaysian graduate who attended the preview. If Asean is to truly unlock the potential of its youth workforce, the freedom to learn, work, and grow across borders must be made accessible and not just aspirational.
New Straits Times
4 hours ago
- New Straits Times
Nunez leaves Liverpool to join Saudi's Al-Hilal
LIVERPOOL: Liverpool sold striker Darwin Nunez to Saudi side Al-Hilal, both clubs confirmed on Saturday, in a move that could allow the Premier League champions to make a fresh bid for Newcastle's Alexander Isak. Nunez joined the Reds for an initial 75 million euros (US$87 million, £65 million) from Benfica three years ago but has failed to live up to that price tag. The Uruguayan scored 40 goals in 143 appearances but slipped down the pecking order at Anfield under both Jurgen Klopp and Arne Slot. According to reports in the British media, Al-Hilal will pay an initial 53 million euros for the 26-year-old. "Al-Hilal Club Company is pleased to announce the signing of Uruguayan striker Darwin Nunez from Liverpool FC on a three-year contract," Al-Hilal said in a statement. Nunez was likely to play even less this season after Liverpool signed Hugo Ekitike and Florian Wirtz as part of a 300 million euro spending spree that also includes full-backs Milos Kerkez and Jeremie Frimpong. However, the club could still break the British transfer record by signing Isak. Liverpool reportedly had a first bid of £110 million rejected, with Newcastle demanding a fee of up to £150 million for the Swedish striker. The sale of Nunez would take Liverpool's income for transfer sales this window to nearly 200 million euros after the departures of Luis Diaz, Jarell Quansah, Caoimhin Kelleher, Trent Alexander-Arnold and Tyler Morton. Nunez is the latest big name to join Al-Hilal, who shocked Manchester City to reach the quarter-finals of the recent Club World Cup. Coached by former Inter Milan boss Simone Inzaghi, the Saudi club's squad includes Portuguese internationals Ruben Neves and Joao Cancelo, Senegal captain Kalidou Koulibaly and former Fulham striker Aleksandar Mitrovic.--AFP
The Star
12 hours ago
- The Star
Over half of Hong Kong residents plan to work past 65, survey shows
More than half of Hong Kong residents do not plan to retire at the typical retirement age of 65, with many feeling that they cannot reach the average HK$5 million (US$637,000) savings target necessary for a comfortable post-work life, according to the T. Rowe Price Hong Kong Retirement Survey released on Thursday. About 52 per cent of respondents indicated they would not retire at age 65. Among them, about 80 per cent preferred not to retire at all or opted instead for a 'micro-retirement', which involves taking a break for several months to a few years before returning to work. The survey, the first of its kind by the US financial firm, polled 600 Hong Kong residents over the age of 30 in May. 'Financial pressure is certainly one factor, especially in a high-cost city like Hong Kong,' said Shen Wenting, global investment solutions strategist and portfolio manager at T. Rowe Price, which manages US$1.56 trillion in assets. About 60 per cent of respondents had a retirement savings target between HK$2 million and HK$10 million, with the average being HK$5 million, considered enough for them to feel secure in completely stopping work. For those considering a micro-retirement, the average savings target was HK$2 million. However, one-third of respondents felt they could not achieve their goals, and 40 per cent reported not having any retirement savings target at all. This may explain why 62 per cent cited the need to maintain an income as their reason for not retiring at age 65. The survey showed that non-financial motivations were equally influential, Shen said, noting that 69 per cent of respondents wanted to continue working to keep their minds active, while 40 per cent sought the sense of accomplishment that work provided. About 72 per cent said they would be satisfied with earning less from their jobs after retirement age. For those opting for micro-retirement, 34 per cent sought a break to improve their well-being, 24 per cent aimed to relieve work pressure, and 16 per cent wanted to pursue personal interests. 'These findings suggest a growing desire to reprioritise life beyond just income,' Shen said. Financial firms like Manulife, HSBC and BOC Life have been targeting retirees with new investment products that offer regular income streams, amid a broader government-led initiative to capture opportunities in the so-called silver economy. People aged 65 and above comprised 22 per cent of Hong Kong's 7.5 million residents last year, according to official data. Projections indicated that senior citizens would account for 31 per cent of the population by 2036. Shen said only 20 per cent of respondents were aware of retirement investment products, while many opted for conservative investment strategies. About 54 per cent kept their retirement savings in time deposits, which currently offer interest rates of only 1 per cent to 2 per cent, while 52 per cent chose savings accounts with almost zero interest. Only 30 per cent opted for higher-return investments such as mutual funds, and 24 per cent invested in annuities. Shen attributed the conservative investment choices to the entrenched belief that 'cash is king', as well as economic uncertainty. She urged retirees to consider a different investment approach to meet their retirement goals. For those wishing to retire at 65, investing more in stocks at a younger age could yield higher returns, while shifting to lower-risk fixed income as they aged was advisable, Shen suggested. Individuals who plan to continue working might consider adjusting their asset allocation towards a slightly more aggressive stance, with a higher percentage in equities to capitalise on growth opportunities, she added. For micro-retirees, taking a career break of a couple of years 'will not substantially change their retirement horizon', Shen said. 'We suggest following a glide path based on a general estimate of time left until retirement.' - SOUTH CHINA MORNING POST
