Vietnam's seafood exports surge as key province announces major aquaculture investments

Vietnam's seafood export sales reached nearly USD 8.4 billion (EUR 7 billion) in 2017, up 18.5 percent compared to 2016, according to Vietnam’s Ministry of Agriculture and Rural Development.

Vietnam’s seafood exports reached 7.2 million tons in 2017, up 5.2 percent compared to 2016, the ministry said. A total of 3.4 million tons were attributed to wild catches – up 5.3 percent – and aquaculture production rose 5.2 percent to 3.8 million tons.

Prawn and shrimp exports led the way for Vietnam, surging by 20 percent to reach more than USD 3.8 billion (EUR 3.2 billion) in value. Prawn and shrimp exports to China, Europe, and South Korea grew 60 percent, 42 percent, and 33 percent respectively.

The news of the bullish export market was accompanied by the announced that Vietnam’s province of Phú Yên will spend nearly VND 2.12 trillion (USD 97 million, EUR 80 million) through 2025 developing its aquaculture production capacity.

“The master plan is aimed at giving a boost to the potential of local aquaculture and production in modernization, contributing to developing the local economy,” the Ministry of Agriculture and Rural Development said in a statement. “The province has set a target to reach an average growth of 5.2 per cent per year from now until 2030.”

Projects include building an aquaculture infrastructure system in Long Thạnh; upgrading infrastructure for the Hòa An aquaculture production center in Sông Cầu Township; building a fishing port, a tuna auction market, and a tuna processing factory with a capacity of 1,800 tons per year in Tuy Hòa City.

In Sông Cầu Township, the province will build a frozen seafood processing factory with a capacity of 3,500 tons per year, and a factory to produce feed for lobsters with a capacity of 1,000 tons per year.