Vietnam's seafood exports surge

Vietnam''s seafood exports surge

Vietnam''s total seafood exports reached US$2.2 billion worth in the third quarter of this year, up 15% year-on-year, the Vietnam Association of Seafood Entrepreneurs reports.

Accumulated export value through September grew to US$5.8 billion, a 21% growth from the same period in 2013.

Shrimp exports showed the highest export growth rate of 42%, reaching US$2.9 billion. Whiteleg shrimp dominated shrimp exports at 58%, reaching a value of US$1.7 billion, increasing 75% year-on-year.

Separately, there was a pangasius export recovery of 6.6% in the third quarter, but it has been reported to be insufficient to offset the declining trend that has taken place since the beginning of the year. Another export experiencing recovery is that of cephalopods, due to rising demand from Korea, Italy, Spain, France, Germany and China.

On the other hand, total tuna exports fell to US$363 million, a 12.5% decline, due to weaker demand from major markets.

For the first nine months of the year, the number of markets worldwide also grew from 15% to 45%, reaching 166 markets.

Yellowfin tuna and bigeye tuna output in Binh Dinh reached 7,959 tonnes, up 1.9% year-on-year. As to the pangasius farming area in the Mekong Delta, between January and October of 2014, 7,000 hectares were exploited, providing 890,000 tonnes of fish.

Vietnam''s exports of aquatic products this year could reach US$7.3 to 7.4 billion, up at least 9% from 2013, according to a revised forecast by the Vietnam Association of Seafood Exporters and Producers. The association had forecast seafood exports at US$7 billion this year.

The country''s export of shrimp alone may jump to US$3.5 billion this year on higher prices, following limited supply in the world market, the report says.

According to the sustainable seafood development programme devised for 2016 to 2020 by the Fisheries Directorate, Vietnam''s annual seafood output is forecast to hit seven million tonnes, while the proportion of seafood in agricultural gross domestic product is estimated to be 33.3%.