Vietnam: Seafood Industry, A year of Blooming Harvest

The Vietnamese Seafood News, 25 February 2011

In 2010, Viet Nam’s fisheries industry achieved its targets in almost all fields of business with the total fisheries output reaching 5.2 million tons, including 2.8 million tons from aquaculture and 2.4 million tons from capture fishery.

Although the global financial crisis has come to an end, clear improvements haven’t been seen in the global economy in the first few months of the year 2010. Some European countries have been on the verge of debt- triggered crisis, thus causing panic and worries among their citizens. The consumers’ demands for staple foods, however, have gradually become stable. Food import, including seafood import, in many markets has flourished and developed better and better since the beginning of the year, which helps a great number of countries to empty their 2009 inventories and boost production in the year 2010.

Distinguished features.

Unlike the unstable conditions in almost all major seafood markets in 2009, which saw a combined year-on-year drop of 5.7% in the country’s seafood exports, the shipments to Japan, EU, and the US has dramatically increased in 2010. The US market rocketed by 45.3% in value compared to 2009.

The three major markets accounted for over 60% of the total seafood export value. The fact that the value grew faster than volume indicates that the quality and value of Viet Nam’s products have been remarkably improved.

In addition to the three major markets, the emerging Korea, China, Australia, and ASEAN countries also plays a very important role, accounting for almost 20% of Viet Nam’s total seafood export value.

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