Local fishermen catch tilapia fish in the southern province of Hau Giang. Viet Nam's tilapia exports to the US reached more than $2 million in the first six months of 2016. — VNA/VNS Photo Duy Khuong

Vasep said that tilapia export might record revenues of US$45 million for the full year, rising by 32 per cent over 2015, and added that the trend would continue in the coming years.

Import markets of Vietnamese tilapia expanded significantly during the past decade, from just five in 2005 to 68, including the United States (US), Colombia and the European Union (EU) being the three largest importers.

Around 23 per cent of exported Vietnamese tilapia was shipped to the US, its largest importer. Viet Nam was currently the third largest exporter of tilapia to the US with a share of 10 per cent, coming after mainland China and Taiwan.

Vietnamese tilapia export to the US reached more than $2 million in the first half of this year, tripling in the same period last year.

The EU, Africa and South America were potential markets for tilapia export. Although tilapia accounted for a modest percentage in the country's fishery exports, its room for growth and becoming a major fishery export product was large and forecasts were positive.

Nguyen Ba Son, from the Directorate of Fisheries, said that Viet Nam was planning to develop tilapia into a major fishery product, given the country's advantages in raising this type of fish and anticipated high consumption demand at home and global markets.

Recently, the Ministry of Agriculture and Rural Development issued a decision on the planning of raising tilapia by 2020 with a vision to 2030, which aimed to achieve tilapia output of around 300,000 tonnes by 2020, 50 per cent to 60 per cent of which met the criteria for exports.

In addition, instructions of applying VietGap standards in raising tilapia were also issued in order to ensure quality.

As of the end of 2015, tilapia raising areas totalled more than 25,700 hectares in Viet Nam with an output of 187,000 tonnes. — VNS