Seafood exports likely to reach $5.5 bln

VGP - Việt Nam’s seafood exports are likely to reach US $5.5 billion in 2011, up from US $5.2 billion in 2010, according to the Việt Nam Association of Seafood Exporters and Processors (VASEP).

September 15, 2011 10:07 AM GMT+7

Exports in the first 8 months of this year were valued at nearly US $3 billion, with most of items gaining a growth rate of 20% year on year, said VASEP General Secretary Trương Đình Hoè.

According to the Ministry of Agriculture and Rural Development, prices of shrimps and prawns in the 8-month period rose 15.6% year on year to US $9.53 per kilogram. If the trend continues, seafood export will surpass the mark of US $6 billion this year.

Prices of unprocessed tra fish in many localities are increasing, hiiting over VND 25,000 per kilogram. As a result, processing plants are likely to face a shortage in raw materials.

The US has recently slashed tariffs for Vietnamese frozen shrimps and prawns produced by 31 Vietnamese firms. The tariff imposed on Minh Phú’s products decreased from 2.95% to 1.15%, Nha Trang Seafood from 4.89% to 0%, Camimex from 3.92% to 0.83%. The rates on the 28 remaining enterprises dropped from 3.92% to 1.04%.

By Ngọc Vân