December 15, 2009

Drastic increase for Vietnam's November catfish exports to Russia

Vietnam shipped 3,085 tonnes of tra and basa catfish (US $5.1 million) in the first half of November, increasing in volume and value against the same period last year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Between January and mid-November, Russia purchased over 39,000 tonnes of Vietnamese catfish, worth nearly US $63.7 million, down roughly 63% compared to 2008.

According to VASEP, Russia, despite being a promising market, is vulnerable to changes and risks. Fees for opening letters of credit (L/C) at Russian banks are much higher than other countries, so most of Russian firms do not want to open L/C. Other modes of payment are risky for exporters.

In the first half of November, tra export to the US and ASEAN surged 53% and 31.5% respectively.

Up to mid-November, Vietnam earned nearly US $1.2 billion from catfish, down 10% against the same period last year. The country's catfish export is estimated to reach the year target of US $1.3 billion, according to the VASEP.