2018 seafood export: Prospects to hit new record

Photo for illustration. (Source: VNA) Sharp growth in markets In spite of meeting difficulties such as natural calamities, high anti-dumping duties on shrimp and catfish, catfish inspection programs, illegal, unreported and unregulated (IUU) fishing yellow card warnings from the EU, increasing quarantine from markets and competitive pressure from other countries, Vietnam’s seafood exports in 2017 exceeded the expectations of both management agencies and enterprises, recording the highest ever value of more than USD8.3 billion compared to the set target of USD7 billion, a year-on-year rise of 18.7%. The Vietnam Association of Seafood Exporters and Producers (VASEP) said the record high value came from the strong growth of major export commodities, especially shrimp gaining an increase of 21% with a value of over USD3.8 billion, making up 46% of the total. Among 167 export markets, most big exporters witnessed impressive growth. The EU had growth of over 21%, surpassing the US to top the list regarding value. China, in spite of ranking fourth on turnover, gained the highest growth, approximately 49%. Meanwhile, due to high anti-dumping tariff, the US market saw a reduction of -2.9%. The two key markets of Vietnamese catfish, the EU and the US, saw sharp decreases of nearly 23% and some 11%. However, thanks to strong increases from Brazil, Mexico, and China, catfish exports hit USD1.8 billion this year, up 4% over a year earlier. Abundant orders, plentiful production capacity in 2018  Le Van Quang, Chairman of the Board of Directors of Minh Phu Seafood Joint Stock… [Read full story]

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