Declining values of exported seafood could see Vietnam fall short of the $10 billion target set for the year.
The Vietnam Association of Seafood Exporters and Producers (VASEP) said in a report Monday that export value for the whole year could only rise by 2 percent from last year to reach $9 billion.
The country is seeing lower exports of major seafood items including shrimp and pangasius fish, it said.
Shrimp exports in the first six months are estimated to fall by 11 percent year-on-year to $1.4 billion, while pangasius fish exports in the same period are estimated to fall by 0.7 percent to $995 million, the association added.
Exports in the first half of the year are estimated to decline by 1 percent to $3.95 billion, VASEP reported.
One reason for the decline is a fall of 11 percent in exports to the E.U. because of the “yellow card” restriction in place since 2017 for illegal fishing, it said.
“Export to China, one of Vietnam’s most important seafood markets, also fell by 5 percent as the country tightens imports policy and demands better quality, and for the whole year exports to this country could decrease slightly compared to last year.”
Last year Vietnam’s exports were worth $8.8 billion against a target of $9.5 billion, according to Vietnam Customs.
Vietnam ranks among the top ten seafood producers in the world, according to the U.N. Food and Agriculture Organization.