Vietnam seafood industry faces slow export growth

Vietnamese seafood producers are facing slow export growth and a shortage in material, after the U.S. Department of Commerce levied higher tariffs on export of frozen pangasius fish fillets, effective from 1 August 2010 to 31 July 2011.

Figures by the Vietnam Association of Seafood Exporters and Processors show that export turnover of the country’s seafood industry merely touched USD 6.2 billion last year, compared to a target of USD 6.8 billion. With a growth rate of nearly 1 percent, last year was considered the worst year for the local seafood industry in recent years, as breeding, producing, and exports, all faced difficulties.

Breeders struggled with fluctuating prices and diseases since the beginning of the year, causing a decline in shrimp crops. Meanwhile, firms faced a financial crunch, shortage of material, and were forced to operate perfunctorily or even run the risk of bankruptcy.

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