Vietnam ready to cast the net in seafood sector

The Fish Site
by The Fish Site
9 July 2007, at 1:00am

INDIA - In a run-up to the talks for a free trade agreement (FTA) between India and Vietnam, the Vietnamese seafood industry has suggested that they be allowed to fish in the Bay of Bengal. They have also said that they would like to invest in Indian seafood sector.

Vietnam’s Prime Minister, Nguyen Tan Dung during his visit to India last week had proposed an FTA between the two countries. He has also asked for similar favourable terms for investment by Vietnamese companies in India. Dung led an 80-member strong business delegationto India.

Vietnam has a competitive edge in the global market in seafood export and the Vietnam government has set an annual growth target in seafood export at 9% by 2010 which would result in export of more than 9 lakh tonne seafood for an earning of $ 4.5 billion.

Japan, the US andthe EU are major destinations for Vietnamese seafood and market analyst Truong Tri Vinh has predicted that Vietnam shrimp export in 2007 willgrow by 6-7% and reach $ 1.65 billion. The possible outbreak of Avian flu in poultry may switch consumers’ preference to seafood.

Source: The Financial Express