June 25, 2014

According to the forecasts by Vietnam Association of Seafood Exporters and Processors (VASEP), the country's seafood export turnover for 2014 is expected to rise 5% on-year to US$7 billion.

VASEP says its forecast is based on rising seafood export figures in the first five months of this year, which totalled US$2.86 billion, an increase of 21% on-year.

Shrimp export value increased in almost all markets, while tra, basa fishes and cuttlefish exports were recovering to previous levels.

Shrimp accounted for more than 49% or US$1.4 billion, a surge of 83% on-year. Rapid growth in shrimp exports were reported in some markets, including the US (+120%), South Korea (+108%) and Switzerland (+109%).

Tra fish exports to the US market continued to grow, while other markets in Americas and ASEAN rose slightly.

VASEP forecasts that cuttle fish exports will likely to reach US$470 million this year. However, tuna exports are predicted to meet obstacles and expected to fall by 15% to US$450 million.