October 8, 2007

EU is the biggest buyer of Vietnamese seafood

The European Union has surpassed US and Japan to become Vietnam's largest seafood importer, accounting for 24.4 percent of the country's total seafood exports, according to the Association of Seafood Exporters and Processors (VASEP).

VASEP says between January-August 2007, Vietnam shipped 175,400 tonnes of seafood to the EU for US$586 million, increasing 24.5 percent and 29.2 percent, respectively, over the same period last year.

VASEP also said Vietnamese seafood products are sold in 26 out of the 27 EU member countries with tra and basa catfish as the most favoured product. In the reviewed period, the EU imported around 112,000 tonnes of "tra" and "basa" products valued at US$312 million from Vietnam.

Former Ambassador and Head of the European Commission Delegation to Vietnam Markus Cornaro said apart from 'tra' and 'basa' products, Europeans also consume Vietnamese shrimp and molluscs.

To increase the quality of products to meet the strict requirements of the EU market, Vietnamese seafood processors have invested heavily in renewing technologies, while closely monitoring the operation of raw material suppliers.

At present, only 0.1 percent of Vietnamese seafood is placed under warnings by the EU, 10 times less than the 1 percent in 2005.

About 245 Vietnamese businesses are currently qualified to export products to the EU and 25 others are waiting for licences from the market.

This year, the Ministry of Agriculture and Rural Development is set to rake in US$3.6 billion from seafood exports, US$300 million higher than last year's turnover.