Vietnamese seafood exporters voice concerns over Iran's missile attack on Israel
Vietnamese seafood exporters voice concerns over Iran's missile attack on Israel
Iran's recent missile attack on Israel has sparked fears among Vietnamese seafood exporters that ongoing Middle East conflicts could disrupt their growing exports to Israel, potentially halting orders in the final months of the year.
Vietnamese seafood products are processed for export to various markets, with Israel considered a particularly promising one. Photo: V.P. |
Truong Dinh Hoe, general secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), told Tuoi Tre (Youth) newspaper on Thursday that Israel ranks 16th among Vietnam’s top 100 seafood export markets in 2024, up from the 22nd place in 2023.
VASEP data showed that Vietnam exported more than US$80 million worth of seaport products to Israel in 2022.
From the beginning of 2024 to September 15, the Southeast Asian country’s seafood shipments to Israel surpassed $79.4 million, up from the $55.4 million recorded in the same period last year.
Israel is a very promising market, Hoe said, adding that Vietnam’s seafood exports to Israel have been on the rise in spite of the frequent conflicts in the Middle East, especially tensions along the Lebanon-Israel border that escalated in early October last year.
Although no seafood exporters have reported immediate impacts from the latest attack, the future of Vietnam’s seafood shipments to Israel hangs in the balance, the general secretary said.
In its attack on Tuesday, Iran fired over 180 ballistic missiles at Israel, triggering alarms across the country and causing explosions to be heard in Jerusalem and the Jordan River valley, according to Reuters.
Iran's forces used hypersonic Fattah missiles for the first time, and 90 percent of its missiles successfully hit their targets in Israel, Reuters quoted Revolutionary Guards as saying.
The Middle East serves as a critical link between Asia, Europe, and Africa, prompting the VASEP official to fear that possible shipping disruptions may happen, particularly through the Gulf of Aden, which is the shortest maritime route between Europe and Asia.
Goods transport through this strategic route accounts for 12-13 percent of global trade, and Vietnamese seafood exports also pass through the Gulf of Aden as well as the Red Sea.
He revealed that Israeli customers sometimes re-export products to third countries.
Israel is considered a promising market, with strong demand for various commodities such as textiles, footwear, and seafood.
According to Nguyen Manh Hoang, whose company mostly exports tuna to Israel, sourcing domestic raw tuna this year has been more difficult than previous years due to restrictions on the size of catches.
As a result, his company had to import from other countries and incur increased costs because of additional shipping and financial expenses.
Hoang elaborated that it has been a tough year overall, with sales declining 50-60 percent compared to previous years.
If exports to Israel are disrupted, his company will suffer significant losses, he said.
The Vietnam-Israel Free Trade Agreement was signed in July 2023, paving the way for Vietnam to boost exports of key products, particularly seafood.
Vietnam ships approximately 70 different types of goods to Israel annually, according to statistics from the General Department of Vietnam Customs.
In 2022, seafood exports alone reached $80.4 million, making it one of Vietnam’s main export products to Israel.
Of the total figure, tuna exports to Israel generated $36.63 million, placing Israel 4th among Vietnam’s top 10 tuna importers, after the U.S., Canada, and Japan.
Besides, frozen squid exports surpassed $23 million, constituting 1.7 percent of Vietnam’s total squid shipments, with Israel placing 8th among Vietnam’s top 10 squid and octopus importers.
Vietnam also shipped some $21 million worth of frozen shrimp products to Israel, putting it in 20th place among shrimp importers.
