Vietnam's seafood traders to import US$2-billion worth aqua products

The Vietnam Association of Seafood Exporters and Producers (VASEP) announced plans to import between US$1.5 to US$2 billion worth of aquatic products for local processing yearly.

The plan aims to ensure sufficient material for domestic seafood factories and increase export revenues, the Vietnam Economic Times said.

Local processing factories need 4.5 million - 5.1 million tonnes of aquatic products for total capacity of 1.5 milion - 1.7 million tonnes of products a year, but domestic supplies can meet only 3.2 million tonnes.

Nguyen Huu Dung, vice chairman of the VASEP said if processors totally depend on domestic aquatic product source, seafood export revenues cannot exceed US$4 billion a year.

He added that if Vietnam imports US$1 billion - US$2 billion worth of aquatic products yearly, it can increase seafood export revenues by US$1.8 billion to US$6 billion, surpassing Thailand, the US and Canada to become the world's second biggest seafood exporter behind China.

The General Customs Department statistics indicate that Vietnam imports US$200 million-US$250 million worth of aquatic products yearly from 70 countries worldwide.

In 2007, Vietnamese companies imported 122,196 tons of aquatic products, accounting for more than 3 percent of the country's total output.

Previously, the association proposed the government to slash import tariff on aquatic products to 0 or 0.5 percent.