Seafood exports may reach US$8 billion this year

A man handles a tuna at a fishing port in Tuy Hoa City, Phu Yen Province. The Vietnam Association of Seafood Exporters and Producers expects seafood exports would amount to US$8 billion in all of 2017 - PHOTO: NH

HCMC – Thanks to a considerable increase of seafood exports in the first seven months, the Vietnam Association of Seafood Exporters and Producers (VASEP) expects export revenue may reach US$8 billion this year.

Earlier this year, VASEP predicted the 2017 seafood export value could grow 6% year-on-year to US$7.4 billion. However, the association has revised up the full-year forecast after the sector has reported US$4.32 billion in export sales in the year to date, up 15% year-on-year.

Seafood exports used to hit a record high of US$8 billion in 2014 before dropping steadily ever since due to market volatility.

Despite a lot of difficulties relating to tra fish exports to the U.S., Vietnam now managed to ship more to China, Vietnam’s biggest seafood importer. Besides, the rising demand of other markets also boosted the tra fish export value to US$985 million in January-July, up 6% year-on-year.

According to VASEP’s statistics for the January-July period, the export value for most other kinds of seafood also rose. In particular, tuna and octopus exports hit US$316 million and US$329 million, up 19% and 51% year-on-year respectively.

Shrimp exports to Japan, South Korea and China also posted double-digit growth, taking the total to US$1.9 billion since the beginning of year, up 15.5% compared with the same period last year.

VASEP is now highly optimistic on the seafood export value this year thanks to the rising demand from other markets and processing enterprises shifting to more value-added products.