HO CHI MINH CITY: Seafood exports in October topped US$1bil for the first time in two years, offering great hope to the industry for the rest of the year, says the Vietnam Association of Seafood Exporters and Producers (Vasep).
The 28% rise year-on-year increased shipments for the year to US$8.27bil, which is an 11.4% rise.
Vasep communications director Le Hang said demand had been high in the country’s main markets.
Exports to China increased by 37%, the United States by 31%, Japan by 22%, the European Union (EU) by 27% and South Korea by 13%, she said.
China was likely to become Vietnam’s largest seafood market this year, surpassing the United States, she added.
High demand and rising prices in the EU also indicated bright prospects for Vietnamese businesses, she said.
But exports to Japan and South Korea remained modest at US$1.25bil and US$646mil, representing growth of only 1.5 to 2%, she said. She blamed this on the prolonged inflation there.
“Japan used to be one of the top two markets for Vietnamese seafood, but has dropped to third place.”
In October shrimp and pangasius exports soared by 26% and 24%.
Shrimp exports for the year-to-date stood at US$3.2bil and pangasius exports were worth US$1.7bil, increases of 13% and 10%.
Hang said Vietnamese shrimp was competitive in the United States thanks to the lower countervailing duties imposed on it than on imports from other countries.
It was only 2.48% compared to 4.36% for India and 7.55% for Ecuador.
But Vietnamese shrimp and pangasius exporters were facing a shortage of raw materials for processing, and so should find alternative sources, Hang said.
Exports of crab and mollusc had remained steady or gone up slightly this year.
In October crab exports rose by 58%, and that of mollusc went up by 138%.
Their exports for the year until recently were US$267mil and US$173mil, respectively.
Hang said tuna, squid and octopus exports rose in October, but the rate of growth was slowing down compared to the first half of the year due to changes in regulations on seafood exploitation.
The regulations also created a shortage of skipjack tuna, as fishermen are afraid of violating the minimum size requirement of 0.5 metres. — Viet Nam News/ANN
