October 31, 2005

Vietnam's seafood export reaches US$2.2 billion by end-October

Vietnam's seafood export reached US$2.2 billion by end-October, up 15 percent compared with the same period in 2004, according to the government. So far, this figure has fulfilled almost 90 percent of the country's seafood export target of US$2.5 billion for 2005.

Vietnamese seafood exports totalled US$270 million in October alone. The volume was expected to rise further in November and then fall in December. 

Analysts projected Vietnam's seafood exports to earn a total of US$450 million in November and December, bringing the total earnings for 2005 to US$2.65 billion.

Meanwhile, the country's shrimp harvest for 2005 was expected to be good. Shrimp prices in the Mekong River Delta provinces, including Ben Tre and Soc Trang, have risen by VND10,000-15,000/kg in the past month. Exporters were also reportedly purchasing more shrimp to ensure adequate stocks.

While Vietnam's poultry industry suffered due to the recent bird flu outbreaks, the domestic seafood sector was benefiting from rising consumer demand for shrimp and fish instead of chicken.

Tra and basa catfish prices have also recently recovered after a drop due to export difficulties.