April 16, 2011

Vietnam's seafood export value shows increase

In the first quarter, Vietnam's seafood exports reached US$1.1 billion in value, up 22% on-year, according to the Ministry of Agriculture and Rural Development (MARD).

However, due to high input cost, exporters see low profit, it said.

The biggest challenge to seafood producers is a shortage of materials for production. Most of the seafood processing factories are now operating with only 40-50 % of their capacity, according to Tran Thien Hai, president of the Vietnam Association of Seafood Exporters and Producers (VASEP).

However, many seafood producers accept low profit and continue increasing the export. VASEP tries to maintain its three major traditional markets, including the EU, the US and Japan, while seeking new potential ones, such as China, South Korea, Germany and Canada, Hai said.

In 2010, Vietnam's seafood export gained a high record of US$5 billion in value, and the country expects to reach US$5.3 billion in 2011, MARD said.