VOV.VN - Plenty of local enterprises have made great strides to adapt to the new situation whilst struggling to maintain production and their business activities despite numerous difficulties as a result of the impact of the novel coronavirus (COVID-19).
Shrimp exports are expected to hit US$3.8 billion, instead of the previous forecast of US$3.5 billion, thanks to positive signs amid the COVID-19 outbreak, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Seafood exporters in Vietnam are not too worried though import demand for their products has taken a hit due to the coronavirus disease (COVID-19).
The EU is a potential market for Vietnam's shrimp industry next year because it is the largest shrimp market in the world, while the shrimp production of this bloc has not met its demand, according to domestic seafood experts.
Vietnamese businesses should prepare to deal with potential trade barriers that could arise early next year when the European Union-Vietnam Free Trade Agreement (EVFTA) takes effect, experts have said.
Vietnam’s fisheries exports are unlikely to meet the US$10 billion target set by the Government for this year because of the multiple challenges like the US-China trade war, lack of demand and increasing competition.
Vietnam’s shrimp exports continued to shrink over the last 11 months in the face of fierce competition from other major exporters. But it is expected to make its way back next year with the EU-Vietnam trade deal coming into force.
Vietnam’s aquatic export revenue is estimated to reach 778 million USD in November this year, pushing the total earnings in the first 11 months of 2019 to about 8 billion USD.
Local shrimp-breeding enterprises have mobilised investment from various sources to expand production in an aim to attract partners from shrimp supply chains from around the world.
Vietnam exported 1.93 billion USD worth of shrimp during January-August, down 8.1 percent from the same period last year, according to the Ministry of Agriculture and Rural Development’s Directorate of Fisheries.
The seafood industry must envision a long-term strategy to make full use of new trade pacts and prepare for problems that might arise when they take effect, Truong Dinh Hoe, VASEP general secretary, said.
Vietnam’s tra fish exports to Southeast Asian countries were worth US$87.3 million in the first five months of the year, a year-on-year increase of 14.6 per cent, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Developing concentrated aquaculture areas, strengthening linkages among stakeholders, optimising costs, increasing the use of technology, and building brands are among the measures that would add value to the aquaculture sector, according to the Directorate of Fisheries.
Vietnamese tra fish quality compatibility may be approved by the Food Safety and Inspection Service (FSIS) under the U.S. Department of Agriculture, though an official announcement has yet to be released, according to Truong Dinh Hoe, VASEP general secretary.
Seafood producers are finding it difficult to get their products onto domestic supermarket shelves due to a lack of detailed regulations about the minimum required performance limit (MRLP) applied to prohibited substances.
Vietnam’s aquatic products are forecast to bring home US$9 billion from exports in 2018, up 7% from the previous year, said the Vietnam Association of Seafood Exporters and Producers (VASEP).
The Vietnamese shrimp exporters have been in a tough year in 2018 as world supply saw strong increases that brought down both shrimp price and demand in major markets.
Tra fish (pangasius) exports are likely to surpass US$2 billion for the first time this year, presenting an opportunity for Vietnam’s aquatic product exports to realise or even exceed its yearly goal of US$9 billion.
Vietnam’s tra fish export turnover to the US surpassed that to China to hit US$58.5 million in July, making up 30% of the country’s total export value of tra fish.
Vietnamese seafood companies need to work harder to realise the export target of US$10 billion set by the Ministry of Agriculture and Rural Development (MARD) when oversea shipments in during January-July were estimated at only US$4.66 billion.