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| Workers of Southern Fishery Industries Lo Ltd process tra fish for export. Viet Nam has exported US$689 million worth of seafood products this month. — VNA/VNS Photo Duy Khuong |
HA NOI (Biz Hub)— In October, Viet Nam exported US$689 million worth of seafood products, bringing its total seafood export turnover over the first 10 months to around $5.37 billion, up 6 per cent year-on-year, according the Ministry of Agriculture and Rural Development.
During the reviewed period, the US remained the largest importer of Vietnamese seafood, accounting for 21.7 per cent of the country's total export value.
Meanwhile, exports to other big markets such as China, Canada and Thailand have also seen encouraging growth at 55.3 per cent, 21.6 per cent and 10.6 per cent, respectively.
However, the period saw decreases in some export markets such as Australia, South Korea and Italy.
In January-October period, the domestic fisheries sector produce over 2.37 million tonnes, marking a modest rise of 3.5 per cent, the ministry said.
The industry will produce 7 million tonnes of seafood by 2020, according to a master plan ratified by the Prime Minister in August.
Under the plan, the country's seafood exports are projected to rake in $11 billion by 2020 with an average annual growth rate between 7 and 8 per cent. Aquaculture is expected to make up 65 per cent of the output.
The plan lays out ambitions to industrialise the sector by 2020, with a view to modernise the industry by 2030, while staying committed to sustainable and competitive development to integrate into the global economy.
The sector's total output is expected to reach 9 million tonnes between 2020 and 2030, 70 per cent of which will come from aquaculture.
Export turnover is also projected to climb to $20 billion within the same time frame. — VNS