May 30, 2006

Vietnam's seafood earnings grow from strength to strength

Vietnam is expected to gain export earnings of nearly US$1 billion from its seafood industry in the first five months of this year, up 23.2 percent over the same period last year, according to the Vietnam Association of Seafood Exporters and Producers on Monday.

The country is also varying the seafood it has to offer to both its traditional markets such as China, the United States, the European Union and Japan, and new ones like the Middle East, East Europe, Africa and South America.

Vietnam is also focused on quality, marketing and enhancing its ability to forecast seafood prices and export demand, said the association.

Vietnam raising its aquaculture acreage from 980,000 hectares yielding 1.5 million tonnes in 2006 to 1.1 million hectares yielding 2.1 million tonnes.

The country expects seafood export turnovers to hit US$3.1 billion this year, up from over US$2.7 billion dollars last year.

Seafood processing plants in An Giang Province need 600-700 tonnes fish a day, however, the plants are running out of supplies as such a great daily tonnage is required.

According to the Ministry of Fisheries, demand for seafood increased due to bird flu, thus helping Vietnamese seafood exporters find markets for their products.

Vietnamese enterprises are looking to improve seafood products in order to meet the increasingly high demand of the European market, which sets high requirements on quality and food hygiene.

Tra and basa wholesale prices have increased over recent days. The latter is trading at its highest level so far this year. While farmers are reaping profits, processors are still suffering from shortages, which may lead to failure to fill export orders.