July 11, 2007

Vietnam's seafood exports reach US$1.648 billion in first half

Vietnam's seafood exports hit record export revenues of US$1.648 billion in the first six months of the year, posting a year-on-year increase by 17 percent and reaching 46 percent of the sector's yearly target, the Ministry of Fisheries said.

The European Union market was the main destination, taking in 24.4 percent of exports, followed by the US with 18.3 percent.

The Japanese market fell to third place from its first position, registering only 17 percent of market share.

Other importers include the Republic of Korea, 7.4 percent, Russia, 5.2 percent, China, 5.1 percent, ASEAN, 5.8 percent and other countries, 16.7 percent.

Frozen fish remains the top export item, posting a 49 percent increase in terms of volume and a rise of 35 percent in export value. It was followed by frozen shrimp, with increases of 16 percent and 39 percent in volume and value, respectively.

It is predicted that "tra" and "basa" catfish products continue to be a key factor to influence frozen fish exports.

However, strict measures should be applied to control rapid production growth of tra and basa in Mekong Delta due to increased in prices which has led to fry shortage and may harm the environment, said officials of the ministry.