Competitiveness of Vietnamese seafood products in the UK

According to statistics from the General Department of Customs, in June 2023, Vietnam's seafood exports to the UK market reached 4.4 thousand tons, worth 28.85 million USD, an increase of 22.3% in volume and an increase of 15%. .7% in value compared to June 2022. In the first 6 months of 2023, Vietnam's seafood exports to the UK market reached 9.1 thousand tons, worth 141.3 million USD, up 4.5% in volume, but down 2.64% in price. value compared to the same period in 2022.

Shrimp, pangasius, tuna and squid are Vietnam's main seafood exports to the UK. In the publication "UK market development for seafood products" compiled by the Agency of Foreign Trade , the competitors of Vietnamese shrimp in the UK market are China, India, Ecuador and Thailand. In the years before the Covid-19 epidemic, shrimp supplies from India, China and Thailand in the UK were affected. Particularly, Ecuador in the period 2020-2021 shrimp exports to the UK still increased strongly. These shrimp suppliers are gradually stabilizing the supply, which creates many challenges for Vietnamese shrimp products in the near future, especially shrimp from Ecuador and India.

As for pangasius, this is Vietnam's second largest seafood product exported to the UK, accounting for 20.63% of the total value of seafood exports to the UK in the first 9 months of 2022.

The Agency of Foreign Trade  also pointed out that the biggest competitors of pangasius products are mostly other white meat products that are similar and can be replaced when needed, such as tilapia and cold-water fish suppliers. Meanwhile, the biggest advantage of Vietnamese pangasius is its reasonable price, ease of processing and convenience for processing at home, suitable for the increasing demand for seafood consumption at home in the UK.

"In the context of high inflation in the UK, choosing products processed from pangasius will be the appropriate choice because they have more optimal prices than other types. The competitiveness of pangasius products with other Other types of white meat fish in the UK market in the near future are high" - the publication also pointed out.

For exploited seafood such as tuna and squid, these two products are the 4th and 5th largest seafood exports to the UK of Vietnam, but only account for a very modest proportion of 1.52% and 1.36%. The Agency of Foreign Trade  believes that these are seafood products that do not have high competition expectations in the UK market. Because the UK's mining products requirements are equivalent to the EU's. While Vietnam's exploited seafood is under the EC's "yellow card" order, it will cause Vietnam's supply of these two product groups to the UK market to be low.

Need to be a pioneer in design and taste to increase seafood market share in the UK

Most people in the UK eat fish or seafood at least once a week. The government of this country also encourages people to use seafood as the main food in at least 2 meals per week to provide enough nutrition for the body. The tastes of the UK population are also quite stable. Consumers in this market also find it difficult to change their habits.

According to forecasts of the Agency of Foreign Trade , the demand for medium-priced and cheap seafood in frozen and convenient form will be the priority choice of British consumers in the context of rising inflation. Therefore, seafood products imported into the UK will increase in the near future, including black tiger shrimp and small and medium sized frozen vannamei shrimp. Frozen and canned white fish products that can be used conveniently at home are also priority seafood products for consumption and will be heavily imported into the UK in the near future. Vietnam's small and medium-sized pangasius and shrimp products have many opportunities to increase market share in the near future.

In the long term, the UK is always a market with high requirements and high demand for quality seafood products, so when the economy recovers, there is a need to import high-value seafood products in fresh form. Large sizes for consumption in restaurants will increase again.

The Agency of Foreign Trade  noted that Vietnamese seafood products, in addition to meeting market requirements, need to have pioneering products in terms of design, form and taste, then they can be successful. Strongly increase seafood market share in the UK market.

Minh Toan