March 4, 2011

Vietnam on track to hit target in seafood exports

Vietnam is well positioned to reach its target of US$5 billion from seafood exports this year; demand on the global market would continue to increase and international supply is likely to decrease, experts said.

The experts expected tuna exports to increase in value to US$300 million this year. Meanwhile, exports are likely to surge to US$115 million for crab and to US$490 million for shellfish.

"This year, besides diversifying products, local seafood producers and exporters should focus on improving the quality of their products and developing trademarks," said Nguyen Minh Tam, an official at the Vietnam Association of Seafood Exporters and Producers.

The ministry said the sector should make adequate investments in qualified and hygienic breeding to ensure sufficient supply and to further develop key products such as shrimp, tra and tuna.

Adequate overseas trade promotions, effective market predictions and closer links among domestic seafood processors should also be enhanced, said the ministry.

Vietnam's seafood exports ranked sixth among the world's 10 leading seafood exporters and fifth in Asia behind mainland China, India, Indonesia and the Philippines.

Seafood exports increased by 54.4% on-year during the first two months of 2011, said the Ministry of Agriculture and Rural Development's Seafood Department. In February, the export value of seafood reached US$400 million, US$75 million higher than figures from the previous month.

Last year, the country's seafood export values reached US$4.94 billion, an increase of 16.3% on the previous year. The increase has likely been caused by the government's policies that support fishermen and encourage them to use modern processing and preservation technology.