June 2, 2009

Vietnam has set a 6.5 million tonne aquaculture production target for US$7 billion in turnover by 2020, a US$3.2 billion increase compared to 2008.

 

This target is one of several objectives in the draft "Development Strategy for the Fishery Sector by 2020" prepared by the Ministry of Agriculture and Rural Development (MARD).

 

An estimated VND67 trillion (US$3.8 billion) will be needed to implement the strategy, which will be raised from a variety of sources including organisations, individuals, the state budget and foreign direct investment.

 

The capital mobilised will primarily be used for irrigation networks, technical infrastructure for concentrated breeding production enterprises, aquaculture areas, research and development activities as well as building new fishing boats and other activities.

 

MARD deputy minister Nguyen Viet Thang said the sector should look at both foreign and domestic markets, which are important factors to the industry's sustainable development.

 

According to Tran Thi Mieng, deputy director of the Department of Agro-Fisheries Processing and Salt Production, the sector should reinforce traditional markets while seeking expansion.

 

Mieng said production of low-price, high-quality products was an important factor for the country to secure a foothold in the international and domestic markets.

 

In addition to expanding shrimp production areas, it has urged farmers to adjust the scale of Tra and shrimp production to meet market demands.

 

MARD deputy minister Vu Van Tam said that along with traditional markets such as China, South Korea, Australia and Russia, Vietnam would try to consolidate and develop major markets including the US, the EU and Japan.

 

Vietnam currently ranks sixth among 10 major exporters of aquaculture products after China, India and others.

                                              

US$1 = VND17,781 (June 2)