February 13, 2017

Vietnam PM: Aim for US$10B shrimp exports in 2025

Vietnam's shrimp sector should aim for an export value of US$10 billion in eight years' time, or by 2025, Prime Minister Nguyen Xuan Phuc said.

The Vietnamese leader told a recent press conference in the shrimp-producing province of Ca Mau that the shrimp industry should account for 10% of the country's gross domestic product (GDP), the Viet Nam News reported.

He urged commercial banks to provide sufficient capital for the industry, especially for high-tech breeding.

Vietnam has reportedly become the third-largest shrimp exporter and No. 1 exporter of giant tiger prawn in the world.

Last year, shrimp accounted for 44% of total seafood exports. It reached the highest export value of nearly $4 billion in 2014.

Giant tiger prawn and white-legged shrimp are being farmed in 30 provinces and cities including the southcentral provinces of Ninh Thuan, Binh Thuan and Khanh Hoa and the southwestern provinces of Ca Mau and Bac Lieu. Ca Mau hosts the largest shrimp breeding areas.