May 13, 2011
Vietnam's seafood shipments to reach US$5.3 Billion
Vietnam's seafood exports are predicted to reach the goal of US$5.3 billion in 2011.
This is despite increasing input costs, shortage of raw materials and other difficulties, reported the Vietnam Association of Seafood Producers and Exporters (VASEP) earlier this week.
Official sources in China reported the Vietnamese Ministry of Agriculture and Rural Development (MARD) saying that Vietnam's seafood exports in the first four months rose by 29% on year to US$1.6 billion. The export to the United States grew by 39%, Germany by 32% and Canada by 100%.
Despite the increase in export value, most businesses did not earn profits due to increased input costs, high bank loan rates and rising prices of electricity, oil and packaging, MARD reported.
Insiders said that the biggest difficulty faced by businesses is a serious shortage of raw materials such as farmed tra fish and shrimps, which has caused many factories to operate at only half of their capacity. Electricity and oil price hikes have pushed the seafood industry expense up by 20%.
Apart from traditional markets, including the US, Japan and the EU, the businesses are working to expand the markets in Republic of Korea, China and other potential countries, according to VASEP.
