January 23, 2012

Vietnam to boost 2012 shrimp exports to Asian markets

As seafood consumption demand was forecast to surge in the region, domestic shrimp exporters will boost their shipments to Asian markets this year, said general secretary of the Viet Nam Seafood Exporters and Producers, Truong Dinh Hoe.

Hoe said that China, Japan and South Korea would be potential markets for Vietnamese shrimp exports this year, with an anticipated declining demand in the EU and US markets.

Having exported to 91 markets worldwide, shrimp is the biggest earner among exported seafood, earning the country US$2.4 billion in 2011, up 13.7% over the previous year.

The Ministry of Agriculture and Rural Development targeted US$6.5 billion of earnings from seafood exports in 2012, US$2.5 billion of which will be from shrimp exports.

However, industry insiders were concerned about the fishery industry's shortage of materials, especially for shrimp production, this year.

Hoe said that fisheries would face a shortage of materials due to difficulties in capital and breeding, though it was expected farmers would resume investments in aquaculture in the wake of feed price decline.

High input costs for aquaculture and fishing hinder farmer investment in the field.