Exports of aquatic products from Vietnam are estimated at $ 372 million in February, bringing them to $ 1.11 billion in two months, up 4.4% year-on-year, according to the Department of Agriculture and Rural Development (MADR).
Japan, the United States, China and the Republic of Korea were Vietnam's top four export markets for aquatic products in January, according to the Ministry of Agriculture and Rural Development (MADR).
In February, the aquatic products import value reached $ 91 million, reaching $ 247 million in two months, down 9.3% from the same period last year.
MADR's Department of Transformation and Agricultural Market Development predicts that in the coming days, Vietnamese pangasius exporters will face intense competition with Myanmar in the Chinese market. The reason is that Myanmar is completing the project in the Ayeyawady region to produce pangasius for export.
With respect to the shrimp industry, shrimp exporters have good news as they will benefit from favorable tariffs under the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPPP), which came into effect on 14 January. Thus, Vietnamese shrimp exported to Japan will benefit from this agreement.
The Transformation and Agricultural Market Development Department is forecasting double-digit growth in Japan's shrimp shipments in 2019, while advising exporters to strengthen product promotion and continue to improve their quality.
In 2018, aquatic products exports brought in Vietnam $ 9 billion, an annual increase of 8.4%. It was also last year that the pangasius set a record with exports worth $ 2.3 billion.
The sector sets a target of increasing the production value by 4.25% in 2019 compared to 2018. Total production is expected to reach 7.9 million tons and export earnings, $ 10 billion, up 11.1%.