According to the Agro Processing and Market Development Authority (AgroTrade), top four markets of Vietnamese aquatic products in the first seven months of this year were Japan, the US, China and the Republic of Korea, with their combined consumption accounting for 56.5 percent of Vietnam’s total earnings from the products.
Illustrative image (Photo: VNA)
In the reviewed period, Vietnam shipped to the US USD802.56 million worth of aquatic products, up 1.1 percent year on year, while earning USD811.07 million in the Japanese market.
Strong growth was seen in many markets, including Taiwan (China) (16.3 percent), Mexico (14.6 percent), Malaysia (12.3 percent), and Japan (10.4 percent).
Shrimp and tra fish remained the major export product of the sector. Exports of white-leg shrimps accounted for 25.7 percent of the total export revenue, while that of tra fish made up 24.05 percent of the total.
According to Truong Dinh Hue, General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), after the 13th period of review (POR 13) of anti-dumping tariff on Vietnamese warm-water shrimp exported to the US, 31 Vietnamese firms will enjoy zero percent tax rate in the market.
He held that this is a good chance for businesses to increase export to the US as with the tax rate, Vietnamese shrimp can compete with same product from other suppliers.
Commenting on the shrimp export situation in the future, Hoe said that the demand for shrimp will increase towards the end of the year, thus raising export volume. However, the rise will depend on domestic material supply, he added.
In 2020, bright prospects are forecast for shrimp export, he asserted, adding that the question is whether domestic supply can meet demand.
Meanwhile, Vietnam imported USD133 million of aquatic products in August, pushing the total for the first eight months of 2019 to USD1.19 billion, up 3.8 percent year on year./.