Export companies are gearing up their production shifts to fulfill export orders for 2009.

According to Minh Phu Seafood Company general director Le Van Quang, the export price for frozen shrimp had dropped dramatically earlier this year due to the global financial crisis. The export price has gone up by 10% for South Korean and Japanese markets and 5% for the US market over the last few months.

However, processing companies are facing a materials shortage. Though Minh Phu expects to export 20% more than planned, it will reap US$160 million in turnover, the same as 2008.

Vietnam Association of Seafood Exporters and Producers (VASEP) secretary general Truong Dinh Hoe said that Vietnam had aimed to export US$4.5 billion worth of products; this was later reduced to US$4.4 billion due to economic difficulties. However, based on forecasts, total export turnover is expected to be US$4.2 billion in 2009.

Most Vietnamese businesses believe that 2010 will be an improvement as the world economy recovers, especially seafood exporters, who believe that the export prices will remain high for at least the first five months of 2010.