May 18, 2007

Vietnam eyeing strong marine-based economy by 2020

Vietnam aims to generate 53.55 percent of the national Gross Domestic Product from the fisheries and seafood trade by 2020, according to Vietnamese Prime Minister Nguyen Tan Dung.

Speaking at the ceremony held by the Ministry of Fisheries in Hanoi, PM Dung said the fisheries sector's achievements in recent years have greatly contributed to the national socio-economic development and a strong potential for the sector to develop further is very possible.

During the past 20 years, the industry has constantly achieved high growth rates as seafood production hit nearly 4 million tones in 2006, four times higher than the 1990 figure while aquaculture output reached nearly 1.7 million tonnes, 10 times higher than the 1990 figure.

The whole country has nearly 500 seafood processors equipped with the latest production technologies. Vietnamese seafood products are exported to 140 markets with earnings reaching US$3.36 billion in 2006, up 14 times higher than in 1990. The significant increase made Vietnam the 10th largest seafood exporter in the world.

Minister of Fisheries Ta Quang Ngoc said to achieve 4 million tones of seafood and earn US$4.5 billion to US$5 billion from exports by 2010, the sector will have to make further effort to ensure sustainable development, high growth rate and national security in the sea and island areas.