July 21, 2005

Vietnam eyes bigger global seafood market

Vietnam is targeting a seafood export turnover of US$16.1 billion over the next five years, a 46.3 percent rise from 2001-2005, the country's Fishery Ministry said on Jul 20.

Vietnam's seafood production is thus estimated to reach 18.7 million tonnes in 2006-2010, up from 14.3 million tonnes in 2001- 2005.

To reach the export target for the next five years, Vietnam is helping more local companies and farmers meet importers' hygiene and safety standards, while promoting trademarks for the country's key seafood products, such as shrimp, tuna, and catfish.

It will also be entering new markets such as Middle East, Africa, South America and East Europe, while increasing exports to traditional markets such as the US, the EU, Japan and China.

Vietnam has earned nearly US$1.1 billion dollars from supplying seafood globally in the first six months this year, which marks a 9.3 percent increase from the same period last year. It hopes to earn US$2.6 billion in seafood revenue by this year.