July 20, 2007

Vietnam sees stronger fishery output, exports this year

Having geographically endowed with a rich marine coastline, Vietnam has primarily depended on fishery and aquaculture sectors to shore up its economy. These industries have accounted 6.1 percent of the country's gross domestic product (GDP) and generate US$3.4 billion in 2006. According to the Foreign Agricultural Service (FAS) of the US Department of Agriculture (USDA), production in the fisheries grew at an average rate of 10.51 percent from 1991 to 2000 and 12.14 percent from 2001 to 2005. 

Aquaculture rose by 26 percent in 2000 to 46 percent in 2006 due to strong export demand as well as booming domestic market with the country's thriving economy which boosted incomes and livelihood standards.

The industry aims to produce 3.8 million tonnes, of which 2 million will come from fishery and 1.8 million from aquaculture. However, increases on top exports shrimp and catfish may be minimal according to FAS due to environment problems and foreseen lesser rainfall. Exporters are targeting to generate at least US$3.8 billion for their products with Japan, Taiwan, South Korea, Hong Kong and the United States as the main buyers.

For more of the USDA report, please click here