May 8, 2016
Vietnam seafood exports up 6.4% in Q1
Vietnamese seafood exports continue its upward trend, which is expected until at least the second quarter.
Vietnam's seafood exports in the first quarter of 2016 recovered from a continuous slump in 2015, reaching US$1.45 billion, up nearly 6.4% compared with the same period last year, the Vietnam Association of Seafood Exporters and Producers (Vasep) reported.
Shrimp and pangasius exports rose by 8% and 2.4%, respectively, while sales of marine fish and other products grew 19.5%.
Stable foreign exchange market and recovering prices in some markets supported Vietnamese shrimp exports in the first three months, Vasep said. Concerns about the impact of the final rule on USDA (US Department of Agriculture) catfish inspection program also pushed up Vietnam's exported pangasius prices in the first three months, so that export value to the US market increased.
Exports to the major markets rose, such that sales to the US increased by 15%, China 31% and Asean (Association of Southeast Asian Nations) 18.8%. Increases in shrimp and pangasius exports made US proportion larger than in the same period a year ago. China and Asean became potential markets, while the EU, Japan and South Korea are fading.
According to Vasep, the Vietnamese seafood business will continue to face challenges this year such as reduced prices, non-tariff barriers, anti-dumping tariffs, lack of raw materials and even an expected decline in pangasius and shrimp resources in the second half of the year.
Nonetheless, exporters hope to achieve positive growths compared with 2015 as seafood exports are forecast to continue its upward trend at least until the second quarter.