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Seafood exports to reel in $10 billion by 2020
The fisheries industry targets an export turnover of US$10 billion by 2020, transforming the country into one of largest seafood traders in the world, according to the Viet Nam Association of Seafood Exporters and Producers.
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| The optimistic target is largely based on the industry’s 15-20 per cent a year growth rate achieved over the past decade, export value having increased from $2 billion in 2002 to $6 billion this year. |
To reach its target, the industry must overcome challenges such as a lack of raw material for processing while promoting product quality, food hygiene and safety, competitive ability and the development of the export market, the association said.
While Viet Nam is expected to export a total of 1.5 million tonnes of seafood this year, processors currently face a serious lack of raw material, forcing them to spend $500 million on imports to meet processing demand, the association said.
To solve the problem, the industry plans to better manage aquaculture in terms of food quality and hygiene alongside the application of modern technology to increase the capacity and quality of raw materials to reduce costs and develop value added export products.
Accordingly, processors would increase the import value of raw materials from $500 million in 2011 to $2.5-3 billion in 2020 to meet processing demands of 2.5 million tonnes a year by 2020.
Co-operation with foreign partners in the exploitation and storage of raw materials in foreign countries before shipment to Viet Nam for processing should be encouraged, the association said.
Regarding the development of the export market, the association proposed the Government implement additional trade promotion programmes in support of local seafood export products while reducing administrative procedures which increase costs.
The Ministry of Agriculture and Rural Development reported that Viet Nam would gain $6.2 billion in seafood export value this year, a sharp increase against $4.94 billion last year.
Phung Giang Hai, an expert from the Agriculture and Rural Development Strategy and Policy Institute, said that the fisheries industry would enjoy advantages in price and an increase in market demand, especially in the US and EU.
Key export products, including tra fish and shrimp, were expected to make $1.5 billion this year, he added.
In the first 11 months of 2011, the country experienced a year-on-year increase of 24.9 per cent to $5.6 billion.
Truong Dinh Hoe, VASEP general secretary, said that seafood exports saw an increase in value to large markets in the US, EU and Japan.
In the US, Viet Nam’s seafood export value increased 23.5 per cent to $1.49 billion compared with the same period last year, followed by the EU, Japan, South Korea, China and other ASEAN countries.
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