Seafood exports likely to top $7.1 billion in 2016

Figures by the Vietnam Association of Seafood Exporters and Producers show that the country’s seafood exports will probably rise by 8 percent to hit US$7.1 billion this year.

Of which, shrimp remains the key export product with about $3 billion, followed by pangasius with1.6 billion, tuna with $500 million, and squid and octopus with $450 million.

In the past six months, shrimp exports have reached $1.3 billion, up 4.8 percent compared to the same period last year. White-leg shrimp exports accounted for 59 percent of total shrimp exports with $794 million, up 5.2 percent, surpassing tiger shrimp which accounted for 33 percent with $445 million, up 5.3 percent. The rest was accounted by saltwater shrimp.

Meanwhile, pangasius brought in $790 million, up 5.4 percent over the same period last year. However, shrimp and pangasius supply currently is going to face a shortage from now to the end of this year due to unfavorable weather since the beginning of this year. At the same time, fishing also encounters many difficulties because of high cost, unimproved preservation methods and low prices.

Nevertheless, according to VASEP, as there is a recovery in demand for shrimp and pangasius, seafood producers have focused on value-added products. Owning to that, processed white-leg shrimp rose 9 percent and processed tiger shrimp increased 24 percent compared to frozen shrimp.

By Hang Le – Translated by Thuy Doan

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