Vietnam’s seafood exports forecast to boom in year end

HANOI, Oct. 24 (Xinhua) — Vietnam’s exports of aquatic products are expected to grow strongly thanks to increased demand, Vietnam News Agency reported, citing Nguyen Hoai Nam, deputy general secretary of the Vietnam Association of Seafood Exporters and Producers on Thursday.
Nam said the fisheries industry was also facing many challenges including a lack of raw materials for shrimp processing, and competition from Ecuador which boasts a strong shrimp industry.
Fierce competition also comes from China, which is providing 60 percent of the total aquatic products to the world, he said.
Experts in the sector still expected that the year-end festive season would be a stimulus to boost Vietnam’s exports of aquatic products despite various challenges.
Vietnam’s seafood exports were estimated at 7.7 billion U.S. dollars in the first nine months of this year, mostly shrimps and tra fish, according to the association. ■