The seafood industry is hopeful of its export prospects after exceeding the US$1 billion mark in October for the first time in two years. VNA/VNS Photo Huy Hùng

HCM CITY – In October seafood exports topped US$1 billion for the first time in two years, offering great hope to the industry for the rest of the year, the Vietnam Association of Seafood Exporters and Producers said.

The 28 per cent rise year-on-year increased shipments for the year to US$8.27 billion, which is an 11.4 per cent rise.

Lê Hằng, director of communications at VASEP, said demand had been high in the country’s main markets.

Exports to China increased by 37 per cent, the US by 31 per cent, Japan by 22 per cent, the EU by 27 per cent, and Korea by 13 per cent, she said.

China was likely to become Việt Nam’s largest seafood market this year, surpassing the US, she said.

High demand and rising prices in the EU also indicated bright prospects for Vietnamese businesses, she said.

But exports to Japan and Korea remained modest at $1.25 billion and $646 million, representing growth of only 1.5-2 per cent, she said.

She blamed this on the prolonged inflation there.

“Japan used to be one of the top two markets for Vietnamese seafood, but has dropped to third place.”

In October shrimp and pangasius exports soared by 26 and 24 per cent.

Shrimp exports for the year to date stood at $3.2 billion and pangasius exports were worth $1.7 billion, increases of 13 per cent and 10 per cent.

Hằng said Vietnamese shrimp was competitive in the US thanks to the lower countervailing duties imposed on it than on imports from other countries.

It was only 2.48 per cent compared to 4.36 per cent for India and 7.55 per cent for Ecuador.

But Vietnamese shrimp and pangasius exporters were facing a shortage of raw materials for processing, and so should find alternative sources, Hằng said.

Exports of crab and mollusc had remained steady or gone up slightly this year.

In October crab exports rose by 58 per cent, and that of mollusc went up by 138 per cent.

Their exports for the year until recently were US$267 million and US$173 million respectively.

Hằng said tuna, squid and octopus exports rose in October, but the rate of growth was slowing down compared to the first half of the year due to changes in regulations on seafood exploitation.

The regulations also created a shortage of skipjack tuna, as fishermen are afraid of violating the minimum size requirement of 0.5 metres.