August 2, 2016

Forecast: Vietnamese seafood exports to rise 8% in 2016

Vietnam's seafood exports are likely to rise 8% to US$7.1 billion this year, according to the Vietnam Association of Seafood Exporters and Producers (Vasep).

Shrimp will remain as the main export product, accounting for about $3 billion, followed by pangasius worth $1.6 billion, tuna $500 million, and squid and octopus $450 million.

In the six months through June, shrimp exports reached $1.3 billion, up 4.8% compared with the same period last year. White-leg shrimp exports (worth $794 million) accounted for 59% of total shrimp exports, up 5.2%, while tiger shrimp ($445 million) accounted for 33%, up 5.3%. The rest consisted of saltwater shrimp.

Exported pangasius hit $790 million, up 5.4% over the same period last year.

Vasep said supplies of shrimp and pangasius are expected to tighten in the second semester as a result of unfavorable weather. Fishing would also encounter several issues including high cost, unimproved preservation methods and low prices.