October 31, 2013

Vietnam's Jan-Oct seafood exports up 6% on-year

Vietnam exported US$689 million worth of seafood products from January to October 2013, bringing its overall turnover to about US$5.37 billion, a rise of 6% on-year.

The US remained the largest importer of Vietnamese seafood during the period, accounting for 21.7% of the country's total export value.

Exports to other major markets such as China, Canada and Thailand have also seen positive growth at 55.3%, 21.6% and 10.6%, respectively. However, the period saw decreases in some export markets such as Australia, South Korea and Italy.

In the first 10 months of the year, the domestic fisheries sector produces over 2.37 million tonnes, marking a modest rise of 3.5%, the Ministry of Agriculture and Rural Development said.

The industry will produce seven million tonnes of seafood by 2020, according to a master plan updated by Vietnam's Prime Minister, Nguyen Tan Dung, in August.

Under the plan, Vietnam's seafood exports are projected to bring in US$11 billion by 2020 with an average annual growth rate of between 7% and 8%. Aquaculture is expected to make up 65% of the output.

The plan lays out ambitions to industrialise the sector by 2020, with a view to modernise the industry by 2030, while staying committed to sustainable and competitive development to integrate into the global economy.

The sector's total output is expected to reach nine million tonnes between 2020 and 2030, 70% of which will come from aquaculture.

Export turnover is also projected to climb to US$20 billion within the same period.