Vietnam's 2010 seafood exports to earn US$4.8 billion

Vietnam's Ministry of Agriculture and Rural Development has predicted the country to earn more than US$4.8 billion from the export of 1.3 million tonnes of aquatic products this year.

Tra fish has already brought in over US$1.3 billion from 630,000 tonnes among the total export.

According to the UN's Food and Agriculture Organistion (FAO), the volume of seafood on the world market in 2010 is estimated at around 52.8 million tonnes, in comparison with 52.5 million tonnes in 2009.

However, Vietnam's seafood export processing businesses face a lack of seafood products for processing.

To increase supplies, Vietnam has targeted an output of between 6.5-7 million tonnes of aquatic products, 65-70% of them aquaculture, as set in the country's aquatic development strategy until 2020.

From January to September this year, the country has earned US$3.5 billion from aquatic exports. Japan remains Vietnam's biggest consumption market. It is closely followed by the US, the Republic of Korea, Germany, Spain and China.

In addition to its major and traditional markets, Vietnamese seafood is now also widely available in many Latin American countries.