Viet Nam expects a US$300 million year-on-year increase in the export value of seafood this year, said the Viet Nam Association of Seafood Exporters and Producers (VASEP).—Photo congly

HA NOI (Biz Hub)— Viet Nam expects a US$300 million year-on-year increase in the export value of seafood this year, said the Viet Nam Association of Seafood Exporters and Producers (VASEP).

This will bring total exports to $6.5 billion, said Nguyen Huu Dung, deputy chairman of the association.

Dung said the association expected seafood prices to recover as world demand was increasing. Supplies on the domestic market were also likely.

In June, exports started surging and reached $578 million, $100 million higher than May, the association said. In the first half of this year, the export value gained 0.9 per cent year-on-year rise to reach $2.88 billion.

To attain this year's target, seafood companies have been told by the association to continue cutting indirect and service expenditure, focus on food hygiene and safety and expand export markets.

Association secretary Truong Dinh Hoe said key exports of tra fish and shrimp still faced anti-dumping taxes and anti-subsidy taxes in the US.

However, he said seafood exporters still had opportunities to increase exports by promoting value-added products.

In addition, Hoe said by the end of this year, exporters would be able to access cheap capital due to cuts in the interest rate for banking loans.

Vu Van Tam, deputy minister of agriculture and rural development, said in the second half of this year, the industry would promote exports of brackish-water shrimps because of the large profit margin.

This is because producers from other countries in the region have faced difficulties in producing these shrimps due to disease. — VNS