Vietnam aims for top five global aquaculture producers over next decade

The recent approved plan rolls out specific goals, including achieving annual growth rate of processed seafood output at more than 6 percent and raising export value of value-added process aquatic production to over 40%.

Domestic consumption of processed aquatic products is expected to reach VND40,000-45,000 billion ($1.7-2 billion) while export value of these products is projected to stand at $14-16 billion.

To realize the above goals, the Government targets to attract investment into developing large aquatic processing companies, step up processing capacity of key products such as shrimp, tra fish and tuna, and diversify products.

Vietnam’s aquatic export is forecast to hit  $9 billion in 2021 thanks to the recovery of consumption in key markets like the U.S., the European Union, and other potential markets.

The Southeast Asian country fetched $4.1 billion from exporting aquatic products in the first six months this year, up 20 percent on year, reported Vietnam Association of Seafood Exporters and Producers (VASEP).

By the end of June 2021, tuna export totaled $364 million, up 24 percent against the same period last year. Meanwhile, the squid and octopus export reached $277 million, a year-on-year rise of 15 percent.

Source: VGP