Shrimp processing at Duyen Hai Economic Development Company, COFIDEC, at Vinh Loc Industrial Park in Binh Chanh district, Ho Chi Minh City. (Photo: Hong Dat/VNA)

At a seminar Wednesday on post-COVID seafood market trends, Le Hang, Communications Director of the Vietnam Association of Seafood Exporters and Producers (VASEP), said global seafood demand will likely decline in the second half of this year.

Rising inflation has reduced spending on seafood. Consumers prefer more moderately priced foods as their buying power shrinks. Small shrimp, tra fish, fish balls, surimi, and the smaller sea fish will remain in high demand but their prices will decrease. That’s the trend to which Vietnamese exporters will need to flexibly respond in order to maintain their market share.

In the long term, Vietnam’s businesses will have to ensure a sustainable orientation, transparency, traceability, and social and environmental responsibility as import markets tighten their food quality, safety and hygiene, environment, and labor regulations.