Pangasius processing plant. (Photo: Hung Vuong Corp)
Vietnamese seafood exports unlikely to meet USD 10 billion target
Tuesday, December 10, 2019, 00:00 (GMT + 9)
Việt Nam’s seafood exports are unlikely to meet the USD 10 billion target set by the Government for this year because of the multiple challenges like the US-China trade war, lack of demand and increasing competition.
Photo Courtesy of FIS Member Hung Vuong Corporation
In the first 10 months of the year, exports were worth only USD 7.09 billion, down 2 per cent from the same period last year, as the prices of major export items like catfish and shrimp fell, Trương Đình Hòe, secretary general of the Việt Nam Association of Seafood Exporters and Producers (VASEP), told a recent conference in Cần Thơ City.
Việt Nam has this year set targets of achieving USD 4.2 billion in shrimp export value and USD 2.3 billion in tra fish export value, which accounts for nearly 38 per cent of the country's total export value.
However, from January to October this year, the shrimp exports reached only USD 2.78 billion, a year-on-year decrease of 6.4 per cent, while tra fish export value was only USD 1.64 billion, down 10 per cent, he said.
Aquaculture and fisheries output increased but prices fell by 20-25 per cent, with the prices of tra shipped to the US dropping by USD 2 per kilo, and shrimp by USD 1. Because of this, fisheries exports fell short of the targets, he said.
He said shrimp exports to other markets also dropped: they were down 20 per cent to the EU, 13 per cent to South Korea and 14 per cent to Hong Kong.
Tra fish exports to the US market tumbled, which was estimated at 45.8 per cent.
Other countries are becoming more and more successful in farming tra fish and shrimp so Việt Nam is set to face tougher competition, he added.
With shrimp and catfish exports forecast to fall this year, VASEP plans to assist businesses by helping them overcome technical barriers, lobbying for more favourable policies and trade facilitation, and promoting Vietnamese seafood.
It urged businesses to adopt modern aquaculture technologies and focus on traceability of products and sustainable development.
This year, fisheries exports are expected to reach USD 8.9 billion, 1.4 per cent up from last year, according to VASEP.