July 25, 2023

Vietnam's aquatic product exports expected to return to momentum at end of Q3

Vietnam's Ministry of Agriculture and Rural Development (MARD) forecast that aquatic product exports will bounce back at the end of the third quarter and reach the yearly revenue target of US$10 billion.

The ministry reported that in the first six months of this year, the export value of aquatic products hit nearly US$4.2 billion, down by over 27% year-on-year. To achieve the yearly target, many businesses have diversified products, focused on intensive processing and invested in value chains.

Meanwhile, MARD and localities will further provide fishermen with market information and guide them to implement solutions to deal with the European Commission's 'yellow card' warning against Vietnamese seafood and step up inspections and handling of cases of illegal, unreported and unregulated fishing towards a sustainable fishery sector.

Competent agencies will also work to remove obstacles relating to the Chinese and US markets, diversify export markets and coordinate with banks to support businesses.

- Retail News Asia