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Saltwater fish exports to touch US$8 billion by 2030 PDF Print
Monday, 12 June 2017 16:14

VIETRADE – Exports of saltwater fish are expected to touch US$8 billion by 2020, according to the Viet Nam Seaculture Association.


Nguyen Huu Dung, the association’s president, said that from 2012, Viet Nam has been on the map of the world’s leading saltwater fish farming with increasing exports in recent years.


Although there are still many challenges, annual aquaculture production (including shrimp, lobsters, marine fish, pearl, oyster, mollusk, algae, seaweed and other seafood products) can reach 4.7 million tons in 2030 with an export turnover of US$30-35 billion.  Marine fish export alone can reach 1 million tons per year, earning a turnover of $8 billion in 2030, according to the association.


Nguyen Ba Son, representative from the Directorate of Fisheries under the Ministry of Agriculture and Rural Development said farming area of marine fish kept increasing in recent years to 6,300 hectares at the end of 2016. Major marine fish farming provinces are Khanh Hoa, Quang Ninh, Kien Giang and Ba Ria – Vung Tau.


Farming output of saltwater fish nearly doubled from 15,700 tones in 2010 to 28,300 tones in 2016.


Consumption demand for saltwater fish remains high in the global market while the supply from exploiting wide fish is gradually exhausting, providing room for developing saltwater fish farming.


However, experts said that before investing in farming saltwater fish, careful study of market demand is needed to prevent en-mass unplanned production which might cause severe surplus.


Therefore, in order to prepare for the development of the marine fish industry, farmers and State management agencies need to understand the requirements of international buyers of marine fish products. Focus should be placed on the issues of output, quality requirements, sustainable production and production scale.


Support to the seafood industry

The Ministry of Agriculture and Rural Development has recently approved the project “strengthening the competitiveness of the fisheries sector in the context of Viet Nam’s economic integration” with a total budget of VND102.2 billion (US$ 4.5 million).


The overall objectives of the project are to improve the competitiveness of the fisheries sector as Viet Nam is integrating rapidly into the global economy with a number of free trade agreements (FTAs) coming into forces and to restructure the sector towards increasing added values and ensuring sustainable development in line with the programe of building new rural areas.


The main task of the project is to review legal documents in order to raise strict regulations from production (breeding, feeding, decrease prevention) to processing and exporting.


Regulations on imports of seafood products and raw materials for processing exports will also be reviewed for amendments to ensure compliance with Viet Nam’s commitments to FTAs.


In addition, the provisions on traceability, accountability of preservation, processing and sales, and one-stop-shop management will be added to the system of fishery standards on the basis of international standards.


At the same time, strengthening international cooperation with countries in the region and the world is needed to improve management capacity and to promote the integration of the fisheries sector together with attracting foreign direct investment, producing aquatic species of high economic value and developing supporting industry for offshore exploitation.


Taking advantage of tariff reduction to boost exports to member markets of FTAs is also of great importance along with seeking for penetrating into new potential markets.


The project also helps build a production chain for the sector and develop national brands for Viet Nam’s key export seafood products, such as shrimp, pangasius and tuna associated with the geographical indication./.

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