August 20, 2012

Vietnam's Q3 seafood export revenues forecast to increase 17%

Vietnam's third quarter seafood export revenues are forecast to rise 17% to US$1.84 billion on year.

Vietnam's seafood export revenues are forecast to rise 17% on year to $1.84 billion in the third quarter, said the.

The revenues are much higher than those in the first and the second quarters, which were estimated at US$1.57 billion and US$1.32 billion, respectively, said Vietnam Association of Seafood Exporters and Producers' (VASEP) General Secretary Truong Dinh Hoe.

The association expects the country's exports of shrimp and pangasius fish products in the third quarter to recover from mild decrease in the second quarter thank to bigger demand from importing countries when the holidays are over, and the financial supports from the government for aquatic raisers, processors and exporters.

The VASEP also said that the country will meet its target of earning US$6.5 billion from seafood exports in 2012. However, General Director Nguyen Van Kich of the Cafatex Company said seafood exports have been slow so far due to difficulties in import markets.

Shrimp exports have been hindered by Japan's Ethoxyquin content test while other markets like the US and Europe have limited imports. Besides, the nation finds it hard to compete with India, which provides much cheaper shrimp than Vietnam, he added.

Other exporters also said that it will be difficult for Vietnam to obtain seafood export value of US$6.5 billion this year as material sources are declining while enterprises have yet to access bank loans.

Seafood is listed among Vietnam's export staples. In 2011, the country's seafood export revenues rose 25% on year to US$6.323 billion.