Aquatic exports estimated at 6.73 billion USD

Illustrative image (Source: VNA)

Hanoi (VNA) – Aquatic product exports in the past ten months rose 17.6 percent to 6.73 billion USD, according to the Ministry of Agriculture and Rural Development.

China, Japan, the Republic of Korea and the US were largest importers, occupying 55.3 percent of total export value. Strong growth in export revenue was seen in China (65.8 percent), the Netherlands (42.9 percent) and the UK (29.7 percent).

In the ten-month period, the country splashed out 1.14 billion USD on aquatic imports, up 29.8 percent from the same time last year.

The European Commission (EC)’s recent decision to issue a “yellow card” warning to Vietnam after the country failed to demonstrate sufficient progress in the fight against illegal, unreported and unregulated (IUU) fishing had certain impacts on Vietnamese aquatic shipments. 

Increasing inspections on Vietnamese products will result in a surge in inspecting and storage costs for Vietnamese exporters, the Vietnam Association of Seafood Exporters and Producers (VASEP) said.

The “yellow card” issuance also raised concerns among other foreign importers, especially those purchasing Vietnamese materials for re-exports to the EU, the US or countries with strict measures against IUU fishing.

Regarding the domestic market, price of material tra fish increased up to 1,500 VND to 28,000 VND per kilogramme due to limited supply.

Enterprises are on strong demands for shrimp to serve exports in the end of the year, also leading to price hikes.