Seafood exports expected to fetch US$10 billion: official

CAN THO – Vietnam’s seafood industry has bright prospects this year, with export turnover likely to reach US$9.5-US$10 billion, rising US$0.5-US$1 billion against the figure recorded last year, an official said. 

A booth showcasing fish for breeding at Aquaculture Vietnam 2019, taking place from October 16 to 18 in the Mekong Delta city of Can Tho – photo: Trung Chanh

Tran Cong Khoi, deputy director of the Department of Aquaculture, under the Vietnam Directorate of Fisheries, made the positive forecast despite the industry’s unfavorable export trends in the first few months of the year. Other industry insiders, however, doubted the goal would be reached. 

Last year, Vietnam earned US$9 billion in seafood export turnover, a year-on-year increase of over 8%.

Of this, the export of tra fish totaled over US$2.2 billion, up a staggering 26% against the 2017 figure. The country exported over US$3.5 billion of shrimp products and US$675 million of tuna, down 7% and up 13%, respectively.

Based on last year's export results, the industry is expected to reach the target of US$10 billion this year, Khoi said at a conference to discuss the industry’s potential and opportunities for investors, held on October 16 in Can Tho City. The event is part of the on-going Aquaculture Vietnam 2019.

Contrary to his forecast, some said that the targeted US$10 billion would be hard to reach given the poor performance of the industry’s exports early this year.

Reaching the target will be a tall order, since the exports of staple products, including shrimp and tra fish, all slipped during the first few months of the year, the director of a seafood company said on the sidelines of the event.

Data released by the Vietnam Association of Seafood Exporters and Producers (VASEP) show that the country exported US$6.3 billion worth of seafood in the first nine months of the year, down 0.8% versus the year-ago figure.

Aside from tuna products, which recorded a 20% increase, the outbound sales of shrimp and tra fish fell 7% and 8%, respectively.

With these export results, VASEP is remaining cautious in forecasting this year’s seafood export turnover at an estimated US$8.9 billion, much lower than the figure released by the Vietnam Directorate of Fisheries.

Over 100 exhibitors join Aquaculture Vietnam 2019

The three-day event, kicking off on October 16, has attracted more than 100 companies from 20 countries and territories. They have showcased a wide selection of products, equipment and solutions in the aquatic sector.

In her opening remarks, Rose Chitanuwat, project manager of Informa Markets Asia, which organized the trade show, said that Vietnam has great potential in the aquaculture sector thanks to its advantages in terms of its geography, environment and human resources.

However, amid the fierce competition in the global market and requirements for achieving sustainable development, the local sector and fishery firms have to update their production methods and search for new input materials, equipment and solutions to enhance product quality and quantity, as well as reduce production costs and protect the environment, she said.