Seafood Export Revenue Up but Difficulties Remain

Vietnam’s total seafood export revenue is estimated to have brought in US$2.75 billion in the first ten months of 2006, hitting on year rise of 23.2 per cent, according to latest figures from the General Statistics Office.

 

However, fisheries sector leaders have predicted numerous difficulties in exports in the rest of the year, explaining that the US long-term plan to cut its shrimp imports from Vietnam and other countries made US businesses run out of this product.

 

In addition, Japan, one of Vietnam’s largest seafood importers, is considering a ban on Vietnamese cuttlefish due to antibiotic residues.

 

The sector, fortunately, is wining more contracts from the EU market and Russia who are in need of large seafood amount for Noel and New Year celebrations.

 

But local seafood processing factories are faced by a dire shortage of raw materials and a slight rise in material prices in the local market.

 

The prices are predicted to continue to soar following the soaring demand of local market as the wedding season is approaching and for the pre and post-Lunar New Year holidays.

 

According to the Vietnam Fisheries Association, tra catfish prices have kept increasing since mid-September. In the southern provinces of An Giang and Dong Thap, tra catfish is sold at VND14,000 per kg, a record high price since the beginning of the year. Meanwhile, a kilo of shrimp now fetches between VND150,000 and VND200,000 ($9-13).