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Seafood Exports Not Meeting Annual Target

Sustainability Economics +3 more

VIET NAM - The Viet Nam Association of Seafood Exporters and Producers (VASEP) has estimated that its seafood export target of US$6.5 billion annual turnover will not be met due to input material and capital shortages. The association said the turnover will most likely on just reach $6.1 billion.

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According to VASEP, the nations seafood export revenue hit $5 billion in the first ten months of the year, a 1.7 per cent year-on-year increase, reports SaigonDaily.

So far, shrimp export value is down 8.3 per cent compared to last year and pangasius remained stable. Other seafood's however reached $2.2 billion, an increase by 19 per cent compared to last year.

Despite the turnover target not being met, the ammount of seafood exported has increased.

The decrease in export value is thought to be due to the rising costs of inputs, a shortage in capital, economic crises in many recipient countries and competition from low cost shrimp sold on the Indonesian and Thai markets..

In order to meet targets, the sector will need more investment and for its structure to be re-arranged.