Aquatic sector aims at US$10 billion export revenue in 2019

The Vietnamese aquatic industry is expected to gain total export revenue of US$10 billion in 2019, an annual increase of 10-12%. (Illustrative image) 
The Vietnamese aquatic sector set a target of raising its export revenue to US$10 billion in 2019, heard a conference on the aquatic export plan in 2019 held by the Vietnam Association of Seafood Exporters and Producers (VASEP) in Ho Chi Minh City on February 16.

VASEP Chairman Ngo Van Ich said that 2018 witnessed many ups and downs in the export of a number of key aquatic products fromVietnam. While, tra fish posted high export revenue of nearly US$2.3 billion, a 26% year-on-year increase, shrimp exports only reached US$3.6 billion, down 8% over 2017.

In 2018, the aquatic processing industry also faced obstacles in increasing its export value due to the EC’s “yellow card” warning measure for Vietnamese seafood products.

However, the aquatic industry is expected to have many opportunities to regain its growth momentum in 2019.Tra fish has gradually asserted its position in many large markets which can maintain the impressive export turnover since 2018, while shrimp export is anticipated to grow stronger thanks to lower anti-dumping duties from the US.

In addition, the effectiveness of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Vietnam will help to remove import tariffs on a number of Vietnamese aquatic products.

The Vietnamese aquatic industry is expected to gain total export revenue of US$10 billion in 2019, an annual increase of 10-12%, including US$4.2 billion worth of shrimp exports, US$2.3 billion from tra fish exports and US$3.5 billion from seafood exports.

The aquatic industry reported export revenue of nearly US$9 billion in 2018, up 6% over 2017. Vietnam’s main aquatic export markets include the US, Japan, the EU, China, the Republic of Korea, and others./.

NDO