Seafood exports forecast lower than schedule

The Vietnam Association of Seafood Exporters and Producers (VASEP) has predicted that Vietnam’s earnings from seafood exports would drop to US$5.7 billion this year, which is more than US$500 million lower than its projected target.

Truong Dinh Hoe, Secretary General of VASEP, explained that the turnover from seafood exports would follow a downward trend as from October.

The set target for US$6.2 billion earnings from seafood exports was based on an average 20 percent increase in selling prices, especially for whiteleg shrimp which has already fetched about US$800 million so far this year.

Hoe added that floods in Thailand might give a boost to Vietnam’s whiteleg exports in late 2011 and early 2012.