Tilapia offers untapped potential for exports

Last year, the total area of tilapia aquaculture at ponds and lakes nationwide spanned 15,992 hectares with total output spiking up over 25% to 125,000 tonnes compared against the prior year.

Great potential for export markets

Tilapia now has become a key aquatic product for consumers in both the domestic and foreign markets. Last year, Vietnam exported tilapia to more than 60 nations around the globe.

The top ten import markets of Vietnam’s tilapia included the US, UKSpain, Columbia,  the Netherlands, Belgium, Germany, Mexico, , Czech Republic and Italy.

The US remained the key market for tilapia at 1.745 tonnes valued at US$5.241 million, accounting for 18.2% of the country’s total market share, trailed by Spain and Colombia.

However, Vietnam’s tilapia exports have remained relatively low in relation to their potential, according to the Directorate of Fisheries.

Ten years ago, the Ministry of Agriculture and Rural Development (MARD) began implementing a project to develop tilapia as a key aquatic export. However, tilapia output has not expanded as anticipated and hasn’t kept pace with domestic demand. Moreover international marketing efforts have been stagnate as the industry, fraught with raw material shortages and lack of investment funds, simply isn’t in any position to make or keep large foreign commitments

China and Taiwan have now become the world’s leading tilapia exporters with an export volume in excess of US$1.3 billion per year, buoyed by the export price of tilapia in the US market, which has been hovering at between US$3.8 and US$4.2 over the past year.

Accelerating tilapia exports to foreign markets

In Vietnam, with tra fish exports having encountered innumerable difficulties, the diversification of aquatic exports has become urgent. Especially, since tilapia has a great potential as a seafood export.

Many developing nations have considered tra fish an important source of protein in and it has been one of top ten seafood products in the US market, just after shrimp and salmon.

The MARD has now forecasted that tilapia exports could reach 21,000 hectares with an output of 140,000 tonnes including 50,000 tonnes for exports in 2015.

Apart from tra fish and shrimp exports, Vietnam has been striving to transform tilapia into one of its key exports with an output reaching 150,000 tonnes and export value of US$200 million-US$300 million by 2020.