April 17, 2007

Vietnam mulls seafood imports this year

Vietnam is considering imports of seafood materials to augment the country's input shortfalls of aquatic raw materials.

Minister of Fisheries Ta Quang Ngoc has already instructed concerned agencies to secure adequate import volume to protect local aquaculture activities.

Vietnam plans to annually spend US$190 million on seafood imports this year till 2010, indicating a rise of 8 to 10 percent.

Seafood imports come from 40 countries and territories throughout the world, Asian countries being the main supply source. India provides 26 percent of the imports, China 18 percent, Hong Kong 9 percent, ASEAN countries 18 percent, and Taiwan 6 percent.

Domestic seafood processors are calling on the government to phase out import tariffs on seafood materials, which have been limiting their production.

Seafood imported into Vietnam is now taxed at a high rate of 30 percent, discouraging local processors from importing more seafood materials despite the crucial need for aquatic raw materials.