Business

Shrimp businesses advised to increase competitiveness

Shrimp enterprises should seek ways to increase competitiveness to realise the sector’s export target of 4.2 billion USD in 2019, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Shrimp businesses advised to increase competitiveness ảnh 1Processing shrimp for exports (Photo: VNA)

HCM City (VNA) – Shrimp enterprisesshould seek ways to increase competitiveness to realise the sector’s exporttarget of 4.2 billion USD in 2019, according to the Vietnam Association ofSeafood Exporters and Producers (VASEP).

Businesses need to increase the quality of theirproducts to international standards and use communication strategies toencourage customers in the Western and Eastern Europe to buy shrimp certifiedby Aquaculture Stewardship Council (ASC).

Processing and export firms should make use offree trade agreements (FTAs) to reach the projected export turnover of 1billion USD in Europe.

The combined export turnover in the US, Japan,the Republic of Korea and China is expected to hit 3 billion USD. 

Besides choosy markets, businesses see China asa large consumer of Vietnamese shrimp. However, to export to China, they mustmeet the higher quality criteria set by the neighbouring country.

Deep processing is considered an effectivesolution for shrimp exporters given fiercer competition from India and Ecuador.

Vietnam is home to nearly 100 shrimp processingplants with an average annual capacity of about 500,000 –700,000 tonnes. 

Last year, the shrimp sector recorded ayear-on-year decline of 7.8 percent to 3.6 billion USD in export value.-VNA
VNA
#shrimp businesses #increase competitiveness #Vietnam Association of Seafood Exporters and Producers (VASEP) #free trade agreements #FTAs #Vietnamplus #Vietnam News Agency
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