Vietnam seafood exports to pass $7 billion mark

3/8/2016| 17:22

Vietnamese seafood exports are to expand 8.1% reaching $7.1 billion this year after a strong expansion in the shrimp sector.

Shrimp exports in revenue terms have increased to $1.3bn in the six months of this year compared with a year earlier, according to the Vietnam Association of Seafood Exporters and Producers, known as Vasep.

Pangasius exports were $790m over the same period, up 5.4% compared with a year ago.

Vietnamese shrimp processing companies have focused on higher added value products, with vannamei shrimp accounting for 59% of the shrimp industry total with $794m, up 5.2%. That surpasses black tiger shrimp, which accounted for 33% with $445m.

Shrimp and pangasius exports will likely drop in the latter half of this year due to adverse weather conditions. Vasep estimated shrimp exports will total more than $3bn this year, followed by pangasius exports at $1.6bn, tuna with $500m, and squid and octopus with $450, Vasep said.