Vietnam seafood export revenues to rise 4%

Vietnam's seafood export revenues will rise only 4% this year as local companies are facing numerous difficulties, according to the Vietnam Market Forecast and Analyst JSC (Agromonitor).

The company said that Vietnamese seafood companies will not meet a target of export revenues of US$4.5 billion, up 7.1% on year, as set by the Ministry of Agriculture and Rural Development (MARD) because the global demand for seafood will not be as high as expected.

Agromonitor said that trade barriers like the Farm Bill and IUU set by such big importers as the US and EU will be big obstacles for Vietnamese companies.

The company also alerted Vietnamese companies of the emerging of seafood industry in Asian countries like India, Thailand and Indonesia which are targeting the US, Japan and EU, the biggest importers of Vietnamese seafood.

Meanwhile at local market, the companies are forcing to run at only 30-40% of full capacity due to material shortage. A number of farmers in the Mekong Delta region have stopped breeding pangasius fish due to rising feed prices but falling fish prices.