Vietnam sets USD 10 billion export target

The fisheries industry targets an export turnover of USD 10 billion by 2020, transforming the country into one of largest seafood traders in the world, according to the Vietnam Association of Seafood Exporters and Producers.

The optimistic target is largely based on the industry’s 15 to 20 percent a year growth rate achieved over the past decade, export value having increased from USD 2 billion in 2002 to USD 6 billion this year.

To reach its target, the industry must overcome challenges such as a lack of raw material for processing while promoting product quality, food hygiene and safety, competitive ability and the development of the export market, the association said.

While Vietnam is expected to export a total of 1.5 million tons of seafood this year, processors currently face a serious lack of raw material, forcing them to spend $500 million on imports to meet processing demand, the association said.

Click here to read the full story from Vietnam Business News >