December 17, 2008

Low demand drags Vietnam seafood exports

Vietnam's seafood exports are falling in the last few months of the year due to declining global demand.


Vietnam Association of Seafood Exporters and Processors (VASEP) general secretary, Truong Dinh Hoe said importers were cancelling contracts in anticipation of further reduced demand by the end of the year due to the world economic downturn.


Hoe said importers would usually increase their orders for Vietnamese seafood every year in mid-November to start stocking up for the coming year.


He said US, the third largest seafood export market for Vietnam, had reduced imports of seafood because US banks had limited loans for importers.


Agriculture and Rural Development deputy minister, Luong Le Phuong said Russia and Ukraine, two large export markets of tra and basa catfish products, had cancelled imports of seafood due to its inability to pay.


According to VASEP, Vietnam's seafood exports this year have raked in US$4.27 billion.


VASEP deputy chairman Nguyen Huu Dung said Vietnam targets to achieve US$4.4 billion from exports of seafood for this year.


Dung said the fisheries sector has forecast a 10-percent growth rate of exports in 2009.

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