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Vietnam Association of Seafood Exporters and Producers (VASEP) General Secretary Truong Dinh Hoe says that the price of shrimp will continue to increase while its export turnover is expected to grow considerably in the remaining months of the year.
The positive outlook is attributed to the strong growth of white-leg shrimps increasing150 percent in August and up more than 65 percent over the past eight months.
At present, white-leg shrimps are equivalent in proportion to tiger prawns, making up over 46 percent of total shrimp exports. However, white-leg shrimps will continue to grow in the coming months as there is a lack of supply source in tiger prawns.
With an average export turnover of about US$250 million per month, Vietnam is likely to rake in US$2.5-2.6 billion from shrimp exports this year, up 12 to 16 percent over the last year.
Hoe attributes the sharp increase in shrimp export value fto a rise in the shrimp export price. The supply source of shrimps to the US decreased remarkably after the US Department of Commerce’s final decision on anti-subsidy duties on frozen shrimp imported from the world’s largest shrimp producers including Vietnam.
There is also a marked decline in the export of tra fish (down 14 percent), tuna (down 25 percent) and octopus (down 10.7 percent).
Tra exports in the first eight months reached only US$1.13 billion, down 2.5 percent against the same period last year, while tuna exports were US$376 million, down 5 percent. It is forecast that tra and tuna exports find it difficult to increase due to unstable source of materials and the decrease in demands.
VASEP said that seafood export value in August is estimated to reach US$590 million, up 4.5 to 5 percent, bringing the total export value to nearly US$4.1 billion in eight months, up 2.5 percent.