September 7, 2012

Vietnam's seafood exports to Taiwan reach US$45 million in Jan - Aug 2012

Vietnam's seafood exports to Taiwan increase at a stable rate during the first eight months of 2012, with overall revenues reaching almost US$45 million, a rise of 16.2% over the same period of 2011.

Prawns for processing remain the key export to the Taiwanese market and account for more than 80% of the total volume of seafood. This has helped Vietnam earn almost US$40 million and become the biggest supplier of shrimp to Taiwan for the past five years.

Markets analysts also say that Taiwan is a promising market for Vietnamese prawns and white-leg shrimp are also becoming much more popular in a host of overseas markets.

However, they have warned that although Vietnamese prawns make up more than 80% of seafood exports to Taiwan, they are not as competitive in price as those from other countries, such as Indonesia and India.

Taiwan's strict quality controls on frozen seafood also pose a major challenge for Vietnamese exporters.

Shrimp exports to this market are expected to continue to rise during the last months of the year. However, Vietnamese exporters have to improve the quality of their products and reduce production costs to improve their competitiveness.