20.07.2021, 07:54

VASEP expects to earn US$12 billion worth of fishery exports in 2025

VASEP expects to earn US$12 billion worth of fishery exports in 2025

Workers process tra fish for export. The Vietnam Association of Seafood Exporters and Producers expects Vietnam to export fishery products worth US$12 billion in 2025 - PHOTO: TRUNG CHANH

CAN THO - The Vietnam Association of Seafood Exporters and Producers (VASEP) expects Vietnam to export fishery products worth US$12 billion in 2025 given the positive results over the past few years.

VASEP General Secretary Truong Dinh Hoe said in a report sent to the Ministry of Agriculture and Rural Development on July 16 that between 2016 and 2020, Vietnam’s average growth of fishery exports was 5%.

The country exported fishery products worth US$8.4 billion in 2020, with the export revenue of shrimp, tra fish and seafood amounting to US$3.7 billion, US$1.5 billion and US$3.2 billion, respectively.

As such, VASEP expected the country’s fishery exports in 2025 to rise by US$3.6 billion against the 2020 figure. With the target of US$12 billion, Vietnam’s fishery export will post an average revenue growth at 7% in the 2021-2025 period.

Specifically, the export revenue of shrimp is expected to reach US$5.5 billion in 2025, while exports of tra fish and seafood are targeted to bring back US$2.2 billion and US$4.2 billion, respectively.

The key factor behind the high target is the country’s stable source of fishery products and high processing capacity, said VASEP.

Besides, Vietnamese firms are ramping up imports of materials for processing, optimizing the processing capacity and raising the supply of fishery products in the global market.

In addition, infrastructure serving fishery production and export activities, including bridges, seaports and cold warehouses, will see investment and upgradation work in the coming time.

Moreover, several free trade agreements and trade promotion programs will smoothen the path for Vietnam’s fishery exports.