Seafood export earnings this year hit US$6.7 billion, a year-on-year increase of 10%, according to the Ministry of Agriculture and Rural Development.
Vietnamese seafood products are exported to 156 countries and territories, and the US, EU and Japan are the biggest consumers, importing more than US$1 billion worth of the products each in 2013.
These three markets are expected to bring back US$2 billion in export value in 2014.
Truong Dinh Hoe, General Secretary of the Vietnam Seafood Exporters and Producers (VASEP), says seafood businesses need support from the State, especially Vietnamese trade offices abroad, to overcome trade barriers, including anti-dumping lawsuits.
Trade promotion is one of the effective ways to penetrate the lucrative EU market. VASEP recently signed a memorandum of understanding with Belgium’s Zeebrugge port on building a Tra (Pangasius) fish distribution network in the EU.
After Pangasius, VASEP will boost trade promotion for other Vietnamese seafood products in this market, says Hoe.
Japan is also another leading Vietnamese seafood importer, consuming US$1.3 billion worth of the products this year, up 1% over 2012.
However, Japan’s technical specifications are barring Vietnamese shrimp from entering its market. Japan sets a low level of the Ethoxyquin content (0.01ppm) - a quinoline-based antioxidant used as a food preservative – as a prerequisite for importing Vietnamese shrimp.
VASEP worked closely with relevant Japanese agencies which are expected to increase the Ethoxyquin level by 20fold to 0.2ppm in April 2014, easing pressure on shrimp businesses.
The fisheries sector is seeking to develop newly exploited markets like China and Hong Kong which both consumed US$650 million worth of Vietnamese seafood in 2013, a year-on-year rise of 55%.
It needs support from Vietnamese trade counsellors to directly contact Chinese giants and penetrate deeper into the mainland rather than marketing products in Guangzhou province at present.
Vietnam also targets South America as a prospective market for its seafood. Export earnings from this region hit more than US$100 million this year, mostly coming from Brazil, Argentina and Mexico – three key markets.
VASEP is working together with Vietnamese trade offices in these markets to help seafood businesses get a firm foothold there.
