December 21, 2006

 

Vietnam seafood exports reached US$3 billion

 

 

Vietnam's seafood exports have reached US$3 billion this year, posting an 11 percent growth from last year due to its high prices in the global market, the fisheries ministry said Wednesday.

 

Both traditional markets like Japan, the US, and the EU and new ones like the Middle East, Eastern Europe, Africa and South America were big buyers.

 

Shipments to Japan were worth US$834 million, a year-on-year increase of 22 percent; to the EU $713 million, an increase of 87 percent; and to the US $643 million, an increase of 4 percent.

 

The ministry attributed the strong performance to the industry's focus on quality, trade promotion, and accurate forecast of prices and demand.

 

The country targets a nine-percent annual increase in exports by US$4billion to US$4.5 billion in 2010.

 

Fisheries minister Ta Quang Ngoc said the export focus was set to shift to high-value goods rather than raw products under a long-term strategy approved by the government.

 

The strategy calls on the processing industry to par up with developed nations in terms of technologies for seafood to become one of the country's major dollar earners.

 

The strategy also includes the restructuring of production wherein the industry should focus on large-scale aquaculture and set up closer links between farmers, scientists, and regulators to ensure economies of scale, quality control, and hygiene.

 

The government has announced incentives to encourage participation to both local and foreign trade players in the sector.

 

It is also seeking to invest in large seafood processing centres and fish markets in coastal and aquaculture farming regions and along the border of China.

 

Area under aquaculture is set to be increased to 1.1 million hectares and output to nearly 2.1 million tonnes in 2010 from the current 980,000 hectares and 1.5 million tons.