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Viet Nam's Seafood Exports To Hit US$5.3 Billion

Crustaceans Economics +2 more

VIET NAM - The country's seafood exports are expected to hit the target of US$5.3 billion this year.

This is despite increasing input costs, shortage of raw materials and other difficulties, reported the Vietnam Association of Seafood Producers and Exporters (VASEP) earlier this week.

Official sources in China report the Vietnamese Ministry of Agriculture and Rural Development (MARD) saying that Viet Nam's seafood exports in the first four months rose by 29 per cent year-on-year to $1.6 billion. The export to the United States grew by 39 per cent, Germany by 32 per cent and Canada by 100 per cent.

Despite the increase in export value, most businesses did not earn profits due to increased input costs, high bank loan rates and rising prices of electricity, oil and packaging, MARD reported.

Insiders said that the biggest difficulty faced by businesses is a serious shortage of raw materials such as farmed tra fish and shrimps, which has caused many factories to operate at only half of their capacity. Electricity and oil price hikes have pushed the seafood industry expense up by 20 per cent.

Apart from traditional markets, including the United States, Japan and the European Union, the businesses are working to expand the markets in Republic of Korea, China and other potential countries, according to VASEP.