Business

Yearly shrimp export could drop by 1 billion USD

Vietnam is likely to earn around 3 billion USD from shrimp exports in 2015, down one billion USD from the previous year, due to falling prices.
Yearly shrimp export could drop by 1 billion USD ảnh 1Shrimp processing for exports in Hau Giang province. (Source: VNA)

Hanoi (VNA) - Vietnam is likely to earn around 3 billion USD from shrimp exports in 2015, down one billion USD from the previous year, due to falling prices.

Secretary General of the Vietnam Association of Seafood Exports and Producers (VASEP) Truong Ding Hoe spoke at a meeting with the Ministry of Industry and Trade in Hanoi on November 30 to review seafood exports from January to November 2015.

Since the middle of 2014, shrimp export prices have dropped by about 30 percent, resulting in the reduction of export revenue.

The year 2016 seems more promising, with advantages stemming from new trade agreements, he said.

However, Vietnam might face competitive prices from its rivals, particularly Indonesia , he warned.

Apart from promoting trade and removing barriers, it is important to reduce production costs, increase food hygiene and investigate safety violations, he suggested.

Farmers are expected to supply material for manufacturing and processing plants to boost export growth, he added, proposing that the Ministry of Industry and Trade strongly support the sector.-VNA

VNA
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