Vietnam looks toward $9.5bn in seafood exports in 2024
Friday, December 22, 2023, 13:11 GMT+7
Vietnam has announced the lofty goal of US$9.5 billion in seafood export revenue in 2024 despite fierce competition from other markets.
At a conference held by the Directorate of Fisheries under the Ministry of Agriculture and Rural Development on Thursday, Nhu Van Can, deputy head of the directorate, said the sector expected to reach a seafood output of 9.22 million metric tons next year, including 3.54 million metric tons of caught products and 5.68 million metric tons of farmed products.
He also shared that the sector would likely exceed its target for this year despite a multitude of challenges.
Vietnam is expected to export over 9.2 million metric tons of seafood this year, inching up two percent over last year. This figure includes some 3.8 million metric tons of caught products and more than 5.4 million metric tons of farmed products.
However, the seafood export value was estimated at $9.2 billion this year, $0.8 billion lower than the target.
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| Employees process shrimp at a factory in Bac Lieu Province, southern Vietnam. Photo: Chi Quoc / Tuoi Tre |
According to Can, the sector is likely to face further hindrances next year, specifically the European Commission’s maintenance of its 'yellow card' punishment on Vietnam's seafood, strong competition from foreign rivals, and low demand in major export markets.
Duong Long Tri, deputy general secretary of the Vietnam Association of Seafood Exporters and Producers, said the output of major export seafood products, such as shrimp and tra fish, has increased but it would be difficult to maintain such an increase in the future.
Vietnam’s farmed shrimp output was about 1.1 million metric tons, higher than the earlier figure of 700,000 metric tons, but the export value still hovers around $3.5-4 billion, Tri added.
He urged the further processing of products to improve their added values, thus raising the export turnover.
Tran Dinh Luan, general director of the Directorate of Fisheries, stressed the need to enhance linkages, reduce emissions, expand green production, and improve animal welfare.
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