GENERAL INFORMATION

In Vietnam, the fishery sector plays an important role in the national economy, accounting for about 4-5 percent of Gross Domestic Product (GDP) and about 9-10% of national export revenue.

More than 4 millions of people working in the fishery and the growth in production have attributed to the fish exports. Thanks to strongly increase in many years, Vietnam ranks among the top ten seafood suppliers and its seafood products are exported to 170 markets in the world.

Shrimp, pangasius, tuna, squid and octopus are main seafood products exported by the country. In which, shrimp exports create about US$ 3.5 – 4 billion, make up 46-50% of the total seafood sales of Vietnam. Earnings from pangasius reached at US$ 1.7 – 1.8 billion (25% of the total) and exports from Tuna and Cephalopods are US$ 450 – 550 million for each.

Exports to the U.S, Japan, EU, China and South Korea make up 75% of Vietnam’s seafood sales to the wolrd.

5 advantages for Vietnam seafood exports:

(1) High commitment and participation from Government, Industry and companies for food safety, environment and social responsibility;

(2) Able to supply the big volume and safe quality and stable seafood products;

(3) Meet all the customers’ requirements, incl. the vertical linkage (integration) for each species sector;

(4) Vietnam is one in few countries in the world which has the good and stable labor resource;

(5) Vietnam has Agreements / FTAs with many countries and territories and has advantages both in product quality and im-ex tax.

Soc Trang: Aquaculture area surges

14:30 10/29/2014

(vasep.com.vn) Never has the area of aquaculture in Soc Trang risen as sharply as this year. Reports from People's Committee of Soc Trang reveals that total aquaculture farming area in the province in 2014 was approximately 60,000 hectares, of which brackish water shrimp accounted for over 42,000 hectares.

The area of defected shrimp farms, however, also increased compared to last year. Statistics shows that from January to September2014, defected brackish water shrimp farming area was over 18,000 hectares, accounted for 42%, up 12% year on year.

According to the Ministry of Industry and Trade, in 2014, Vietnam seafood exports reached US$ 6.5-7 billion, of which shrimp andpangasius were main products.

In contrast, shrimp export to the United States slowed down partly due to the result from period of review (POR8). It is noted that most shrimp products were high quality processed shrimp, therefore can find their own market.