Vietnam seafood exports surge 25% in first 7 months

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Vietnam seafoodIn the first seven months of 2014, Vietnam exported 24.5 per cent more seafood than the in the previous year. Seafood exports to the world market totaled $4.2 billion, reports the Daily Times, citing a recent report by Vietnam’s Ministry of Agriculture and Rural Development (MARD).

This rapid rise is expected to slow, however. Truong Dinh Hoe, general secretary of Vietnam Association of Seafood Exporters and Producers, told industry and trade newspaper Local Bao Cong Thuong that Vietnam’s seafood export revenue is forecast to rise 4.5 per cent in total this year over last year, to $7 billion.

For the first seven months, the US remained the largest market for Vietnamese seafood, with an increase of 41.3 per cent year-on-year in export revenue, the Local Bao Cong Thuong said, citing a report.

During that time period, Vietnam continued to witness growth in export revenue to other major markets. Increases totaled 7.32 per cent to Japan, 51.33 per cent to South Korea and 35.28 per cent to China.

For the year, shrimp’s export revenue is expected to reach a record high of $3 billion in 2014 while catfish, another key item of Vietnamese seafood, is likely to bring the country $1.8 billion.

In 2014, slight increase will be seen in other seafood export products of Vietnam including tuna, octopus, among others, said Hoe.

However, in 2014, Vietnamese seafood exports are still facing difficulties such as economic depression in major markets, lack of material for processing, decreasing material quality, assessed Hoe.

Seafood is a major income earner and one of Vietnam’s major export commodities. The fisheries industry targets an export turnover of $10 billion by 2020, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

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In the first seven months of 2014, Vietnam exported 24.5 per cent more seafood than the in the previous year. Seafood exports to the world market totaled $4.2 billion, reports the Daily Times, citing a recent report by Vietnam’s Ministry of Agriculture and Rural Development (MARD).

Reading Time: 1 minute

Vietnam seafoodIn the first seven months of 2014, Vietnam exported 24.5 per cent more seafood than the in the previous year. Seafood exports to the world market totaled $4.2 billion, reports the Daily Times, citing a recent report by Vietnam’s Ministry of Agriculture and Rural Development (MARD).

This rapid rise is expected to slow, however. Truong Dinh Hoe, general secretary of Vietnam Association of Seafood Exporters and Producers, told industry and trade newspaper Local Bao Cong Thuong that Vietnam’s seafood export revenue is forecast to rise 4.5 per cent in total this year over last year, to $7 billion.

For the first seven months, the US remained the largest market for Vietnamese seafood, with an increase of 41.3 per cent year-on-year in export revenue, the Local Bao Cong Thuong said, citing a report.

During that time period, Vietnam continued to witness growth in export revenue to other major markets. Increases totaled 7.32 per cent to Japan, 51.33 per cent to South Korea and 35.28 per cent to China.

For the year, shrimp’s export revenue is expected to reach a record high of $3 billion in 2014 while catfish, another key item of Vietnamese seafood, is likely to bring the country $1.8 billion.

In 2014, slight increase will be seen in other seafood export products of Vietnam including tuna, octopus, among others, said Hoe.

However, in 2014, Vietnamese seafood exports are still facing difficulties such as economic depression in major markets, lack of material for processing, decreasing material quality, assessed Hoe.

Seafood is a major income earner and one of Vietnam’s major export commodities. The fisheries industry targets an export turnover of $10 billion by 2020, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

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