August 2, 2012

Vietnam's January-July seafood exports up 6.5% on year

In January-July of 2012, Vietnam's seafood industry estimates earnings of US$3.4 billion from exports, an on-year increase of 6.5%, but is a much lower growth rate compared in the same period of 2010 which recorded 20%.

Economic analysts have forecast that the sector's export value will be nearly the same as last year, unless current obstacles are removed and the major import markets recover.

A shortage of capital for tra fish breeders and a lack of credit sources and complex administrative procedures are just some of the obstacles that hinder export activities.

The US, the EU and Japan are Vietnam's three key seafood markets. However, exports to the US and the EU dropped sharply at the beginning of the year.

According to the deputy head of the General Fisheries Department, Nguyen Huy Dien, to boost exports in the remaining months of this year, the ministry is proposing that the Prime Minister issues a directive to provide urgent support for aquaculture farmers and seafood exporters. The ministry is also developing a distribution network for Vietnamese aquatic products.

In large markets such as the US, Japan and the EU, the ministry will look to sign contracts with businesses that supply to distribution centres and supermarkets. It will also set up seafood promotion centres in these markets to provide information on Vietnamese aquatic products.