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Vietnam seafood exports is going up.

In first 9 months of 2011, Vietnam’s seafood exports have reached US$4.34 billion, up 24% over the same period last year. Generally, monthly export value increased more sharply than volume due to continuous increase in average prices. The reason is the shortage of raw materials and the increase in export of value added products. In the period, value-added products are estimated to account for 21% of seafood export value, up from 19% in 2010. In fact, since 2008, Vietnam enterprises have focused on promoting value-added products to increase export turnover. The average price of Vietnam’s seafood exports increased by 28% this year. There are 900 companies participating to export to 151 foreign markets, down 12 compared with these in 2010. Lack of raw materials and credit difficulties forced companies to focus on key markets and those that have fast payment methods. Exports to most major markets have positive growth (18-50%), but Spain with insignificant decline (-1.7%) because the importers often delayed payment.

Source: VASEP

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