EU cloud over Vietnam exports
VIETNAM’S seafood exports hit a record value of US$8.32 billion in 2017, some 18 per cent higher than the previous year, said the country’s Ministry of Agriculture and Rural Development.
The top markets were the US, Japan, China and South Korea, accounting for 55.3 per cent of the national export value.
But exports to some European countries also rose significantly. For example, sales to the UK were up by 36.4 per cent and to the Netherlands by 48.6 per cent.
The Vietnam Association of Seafood Exporters and Producers (VASEP) said shrimp exports provided the biggest contribution, with a growth rate of 21 per cent to $3.8 billion in export value for 2017.
Shrimp export value increased by 60 per cent to China, 42 per cent to the US, 33 per cent to South Korea and 18 per cent to Japan.
Meanwhile, the export value of farmed pangasius reached nearly $1.8 billion in 2017, a year-on-year increase of four per cent, despite difficulties in many markets.
But there could be a cloud on the horizon, with Vietnam coming under increased pressure from the EU to clean up its catching industry or face sanctions.
Brussels claims that the Hanoi government is turning a ‘blind eye’ to illegal and unregulated fishing practices and the EU has now issued a yellow card giving Vietnam six months’ notice to reform.