November 28, 2005

Vietnam's Jan-Nov 2005 seafood export value up 14.7 percent

From January to November 2005, Vietnam's seafood export value reached almost US$2.5 billion, up 14.7 percent compared with the same period last year, the Fisheries Ministry said.

The rise was mainly attributed to the significant increase in EU demand for Vietnamese seafood, and rising prices of many products, especially for exports to China.

According to the ministry, the spread of bird flu in Europe has dampened poultry consumption there, and increased EU seafood demand.

The ministry added that European importers have made large seafood orders during the year's end, to meet demand for Christmas and New Year,

As a result, European importers often ordered seafood in large quantities at the year's end to serve Christmas and New Year, the ministry added.

Vietnam Association of Seafood Exporters and Producers said European importers had preference for shrimp, basa catfish, and ready-made seafood products.

The ministry said Vietnam targets a total seafood export revenue of US$2.6 billion in 2005, up from US$2.4 billion in 2004. The target for 2010 is US$4 billion.

To meet this target, Vietnam is improving its ability to forecast seafood prices and export demand, while expanding deeper into markets in the Middle East, eastern Europe, Africa and South America.