Shrimp processing plant. (Photo: Stock File)
Vietnamese seafood exports reach record value in 2017
Thursday, January 04, 2018, 02:20 (GMT + 9)
Exports of Vietnam seafood products generated USD 8,320 million in revenues in 2017, a figure that represents a year-on-year growth of 18 percent, according to statistics from the Ministry of Agriculture and Rural Development (MARD).
The main markets for Vietnamese seafood exports were the United States, Japan, China and the Republic of Korea, which together accounted for 55.3 percent of the total value of shipments of fish and shellfish abroad.
China was the market that experienced the highest growth last year, at 64.4 percent. The Netherlands (48.6 percent), the United Kingdom (36.4 percent), Korea (29.1 percent), Canada (22.3 percent) and Japan (20 percent) followed.
Shrimp exports gave the largest contribution to the total value of Vietnamese seafood exports: they grew by 21 percent from 2016 and generated USD 3,800 million. The increase in the shrimp export price, raw material higher quality and a greater volume of processed products contributed to this growth, said the Association of Seafood Producers and Exporters of Vietnam (VASEP).
In terms of value, shrimp sales to China grew by 60 percent to USD 677 million. This amount made the Chinese market the third most important for this crustacean, behind Japan (which increased its imports by 18 percent) and the US (which increased their purchases by 42 percent).
Meanwhile, tra catfish (pangasius) exports generated almost USD 1,800 million in 2017, an amount that represents a year-on-year growth of 4 percent. China was the main market, with purchases for USD 420 million (37 percent more than in 2016).
Vietnamese tuna exports also grew, by 16 percent, to USD 600 million, and sales abroad of squid and octopus increased by 42 percent, also reaching a total value of USD 600 million.
VASEP projects that Vietnamese seafood exports will surpass USD 8,500 million this year, 3 percent more than in 2017, even with more strict controls the US will impose to Vietnamese pangasius, anti-dumping tariffs and measures applied by the European Union to combat IUU fishing.