HANOI: Brazil is rapidly becoming a key market for Vietnamese export seafood products, presenting strong opportunities for growth, according to the Vietnam Association of Seafood Exporters and Producers.
Despite being the second-largest aquaculture producer in Latin America, Brazil continues to rely heavily on seafood imports – purchasing over US$1.4bil worth annually.
Local production struggles to meet demand, particularly for species like salmon, cod, shrimp and whitefish.
Overfishing has also reduced natural seafood supplies, creating further reliance on imports.
With a population exceeding 200 million and an average per capita seafood consumption of 12kg per year – higher than in the United States – Brazil’s seafood appetite is sizeable and still expanding.
Demand is especially concentrated in major urban centres such as São Paulo, Rio de Janeiro and coastal regions.
Last year, Vietnam’s seafood exports to Brazil reached nearly US$130mil, marking a 14% year-on-year increase, with pangasius, a type of catfish, contributing the majority of that figure.
Vietnam was Brazil’s second-largest seafood supplier last year, accounting for 17% of total imports and leading the white-meat fish segment with a commanding 38% market share.
The upward trend shows no signs of slowing. Vietnam’s seafood exports to Brazil hit US$48.2mil in the first quarter of this year – a nearly 73% increase compared to the same period last year.
Vietnamese seafood is gaining favour in Brazil thanks to competitive pricing and consistent quality.
Products such as fish fillets, cakes and balls and peeled shrimp align well with the growing demand for convenient, processed foods among Brazil’s expanding middle class.
The products are especially popular in supermarkets and restaurants serving middle-class customers in Brazil.
Brazilian authorities are also considering more flexible regulations on import standards – such as permissible phosphate levels.
That would facilitate the entry of more deeply processed Vietnamese products into the market.
Brazil is currently Vietnam’s largest trading partner in South America, with both nations aiming to increase bilateral trade turnover to US$10bil by this year.
Vietam is also in ongoing negotiations with the Mercosur trading bloc, including Brazil, in hopes of securing tariff reductions that would enhance its competitiveness against key rivals like India and Thailand. — Viet Nam News/ANN
