Vietnam earned US$340 million from seafood exports in July alone, bringing the total seafood export value to nearly US$2 billion in the past seven months, reaching 55.22 percent compared to the annual target and up 15.71 percent on the same period last year.

Seafood export volume, especially shrimp to Japan, reduced significantly due to strict requirements on quality, hygiene and safety.

It is forecast that in the near future exports to the EU and the US will increase as some EU companies will shift their orders to Vietnam. Thai shrimp exports will decrease due to an increase in material costs and diseases. Therefore, Vietnamese seafood businesses can boost exports to the market.

Seafood output in July is estimated to reach 166,000 tonnes, bringing the total output in seven months to more than 1.247 million tonnes, reaching 62.4 percent compared to the annual target and up 2,21 percent compared to last year.

Early this year, processing businesses were short of materials. Material prices went up and down. Tra and basa catfish raising developed strongly, pushing prices of tra and basa catfish food and breeding up. However, now the prices of tra and basa catfish have reduced sharply to VN11,000-11,500 per kilogram. Antibiotic and chemical residues in shrimp decreased as quality control was strictly implemented and Japan checked all batches of seafood imported from Vietnam.

Businesses have invested in upgrading and renovating equipment and technology to improve quality and diversify products. An additional 18 businesses reached the standard to export products to the EU, bringing the total number of businesses to 470. Processing businesses have developed material zones. The Mekong Delta region currently has 70 tra and basa catfish processing factories with a combined capacity of 1.5 million tonnes per year. However, the development of processing factories does not match with the target. Unprompted development of material production and processing factories contains high risks due to the imbalance between supply and demand.

Big achievements in the seafood sector gained in the first months of this year is to remain at 51 export markets, including markets with high technical barriers such as the EU, the US and Canada. However, four markets – Russia, Japan, Australia and Taiwan have applied new technical barriers.

Export value from the EU accounted for 24.4 percent of the total figure, followed by the US (18.3 percent), Japan (17 percent), the Republic of Korea (7.4 percent), Russia (5.2 percent), China (5.1 percent), ASEAN (5.8 percent) and other countries (16.7 percent). (CPV/VOV)