Shrimp exports are expected to reach the USD 2.5 billion goal set for the year despite the ongoing challenges facing exporters, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Solid supplies and increased demand were putting the industry on track to meet its target, although shrimp export value would have to continue on a pace to total USD 800 million in the last quarter of the year, VASEP said. In the third quarter, shrimp exports surged 19 percent over the same period last year to USD 690 million, bringing total export value in the first nine months to USD 1.7 billion.
Obstacles to reaching the goal include a slowdown in demand on the European market and difficulty complying with strict food safety requirements being imposed by Japan. Japan is applying a maximum ethoxyquin residue limit of 0.01ppm for Vietnamese shrimp, a low rate for local shrimp breeders.
