October 29, 2011

 

Vietnam's seafood exports expected to meet target

 

 

Vietnam's revenues from seafood exports in 2011 are expected to meet the target of US$5.5 billion, the Ministry of Industry and Trade said.

 

In September, the country exported US$900 million of seafood products, making the total revenues from seafood in the first nine months to US$4.41 billion, rising 27% from the same period last year.

 

The country's seafood exports meet favourable conditions in the remaining period this year, the ministry said, adding many foreign buyers have ordered big volume of pangasius fish and shrimp for coming year-end holiday.

 

Exports of pangasius fish are expected at US$100 billion monthly in the fourth quarter, bringing the total exports of US$1.6 billion for this kind of food this year.

 

By September 15, Vietnam earned US$1.564 billion from exporting shrimp, up 21.7% on-year. The country shipped shrimp products worth US$374 million to the US, US$362 million to Japan, US$284 million to the EU, US$152 million to China and Hong Kong, and US$103 million to South Korea.

 

However, local seafood processing plants are facing material shortage, especially pangasius fish. Prices of the fish increased to VND27,000 (US$1.29) per kg from below VND24,000 (US$1.14) in few months earlier.

 

The seafood material shortages will last to mid-2012, said experts.

 

The government's General Statistics Office (GSO) said this week that the country is estimated to have earned US$4.926 billion from exporting seafood in the first ten months of this year, up 22.8% on-year.

 

In 2011, Vietnam expects the exports to rise to US$5.5 billion compared to US$5 billion last year.