Vietnams seafood exports to grow

Vietnam hopes to earn 10 billion USD from exports of seafood products this year. Many new free trade agreements going into effect this year are expected to boost fisheries sector growth.

Tra fish exports exceed threshold of 2 billion USD (Photo: VNA)

Despite natural disasters, global market fluctuations, and technical barriers set by importing countries, Vietnam’s seafood exports earned 9 billion USD last year, up 8.4%.

This year the fisheries sector hopes to earn 10 billion USD. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the target is within reach if steps are taken to remove the European Commission's yellow card and if more focus is placed on value-added aquatic products.

Minister of Agriculture and Rural Development Nguyen Xuan Cuong called for communications to encourage businesses, fishermen, and localities to comply with the 2017 Law on Fisheries and apply new technology in the production of shrimp and tra fish.

Minister Cuong said: “We need to implement the Law on Fisheries to improve and enforce regulations relating to standards and protocols. The sector should do everything possible to get the EC yellow card removed. Once those tasks are completed, the fisheries sector can grow sustainably and profitably.”

Nguyen Hoai Nam, VASEP’s Deputy Secretary General, underscored the importance of quality in brand building.

Nam said: “The sector’s future challenges have been identified. They are the programs which major European countries and the US are using to control imports. Once Vietnamese exporters and state agencies overcome those challenges, the sector’s competitiveness will improve.”

Truong Dinh Hoe, VASEP’s Secretary General, said the position of Vietnamese aquatic products in the world market has improved. Foreign consumers speak more highly of Vietnamese seafood now that the supply is more stable and food safety has improved. European sales saw remarkable growth last year because Vietnamese exporters satisfied antibiotic residue and other food safety and hygiene requirements.

Hoe said the fishery industry is likely to see many opportunities this year with world seafood consumption increasing to an estimated 99 million tons by 2020 in developing countries and more than 29 million tons in developed countries. While the supply resource will only be 79 million tons.

A pending free trade agreement between Vietnam and the EU is likely to be approved this year and the CPTPP agreement has been in force since the beginning of the year, reducing import tariffs on almost all products to zero