Vietnam exported 111,110 tonnes of seafood products to Japan worth US$840 million during the initial 10 months of the year, becoming the fifth largest seafood supplier to the Far East nation, according to statistics given by the Ministry of Industry and Trade.
The figures represent a rise of 1.1% in volume, but a decline of 2% in value against the same period from last year.
Japan imported a total of 1.53 million tonnes of aquatic products worth US$10.4 billion during the ten-month period, representing a decline of 0.2% in volume, but an upsurge of 3.9% in value.
The Japanese market increased its imports of the majority of major seafood products throughout the reviewed period, while its import of octopus and fish endured a sharp decline.
Most notably, Vietnamese seafood slightly increased its market share in Japan from 7.2% last year to 7.3% this year.
According to industry experts, Japan has recently brought its COVID-19 outbreak under control, giving Vietnam the chance to ship its black tiger shrimp to this demanding market in the near future.
However, Vietnamese shrimp products are anticipated to face tough competition from similar products originating from regional peers such as Indonesia and India, they noted.
Overall, economists pointed out that with Japanese seafood import demand peaking in December and January annually, there are bright prospects ahead Vietnamese aquatic products to make inroads into this lucrative market.
VOV
