May 19, 2005

Vietnam to invest VND700 million in tuna trade

In order to promote and build a brand name for Vietnam's tuna trade in the European Union and Japanese markets, the Ministry of Fisheries has decided to invest VND700 million in the industry.

Another VND1.4 billion will be set aside by the ministry for trade promotion activities and a trademark for shrimp exported to the United States and Japan in the future.

After facing difficulties with their exports to the US market, Vietnamese seafood businesses have shifted their efforts to EU markets, including Britain, Germany, France, Belgium and Italy, according to the Vietnam Association of Seafood Exporters and Producers (Vasep).

To expand its foothold in these new market, Vasep has, so far this year, organised several major seafood fairs, opened representative offices, and held other trade promotion activities in Europe.

Meanwhile, the fisheries sector has assisted seafood businesses in upgrading equipment and technology to increase their production capacity and the quality of products, reduce production cost and improve their competitiveness.

Belgium and Britain remain the two biggest markets for Vietnam's shrimp in the EU and account for 40 percent of the country's shrimp exports to the bloc. Vietnam is now among the top ten shrimp suppliers for Belgium.