Aquaculture for all

Vietnamese Seafood Exports to Hit $7 billion

Economics +1 more

VIET NAM - The Viet Nam Association of Seafood Exporters and Processors (VASEP) has forecast seafood export turnover for the whole year of 2014 to hit about $7 billion, a year-on-year rise of 5 per cent.

The reason for VASEP to affirm its forecast was rising seafood export figures in the first five months of this year reaching USD2.86 billion, a year-on-year rise of 21 per cent.

Specifically, shrimp export value increased in almost all markets while tra, basa fishes and cuttlefish exports saw signs of recovery.

Of this figure, shrimp accounted for more than 49 per cent or $1.4 billion, a year-on-year rise of 83 per cent. Shrimp exports to some markets saw rapid growth such as the US (120 per cent), the Republic of Korea (108 per cent) and Switzerland (109 per cent) while other markets enjoyed growth from 11 per cent-96 per cent.

Tra fish exports continued to grow mainly due to the US market, while new ASEAN markets and those in the Americas also rose slightly.

VASEP forecast that export of cuttle fish will continuously rise and will probably reach $470 million this year.

Tuna exports are predicted to meet fixed difficulties and only hit about $450 million, a 15 per cent decrease from the previous year.

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