Vietnam seafood sector reports uptick Vietnam seafood exporters are sanguine about the economic prospects for the remainder of the year, with many buoyantly forecasting exports to surpass the US$7 billion target previously set for the year. The latest official statistics show that in the 10 months leading up to November, seafood exports mushroomed from 15 to 45% in 166 markets around the globe to gross US$6.5 billion in revenue. Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP) Truong Dinh Hoe said the statistics are encouraging, and predicted exports this year to surpass last year’s figure of US$6.7 billion by US$600-700 million. By the end of November, seafood exports are likely to reach US$7 billion, he added. Hoe attributes the uptick in seafood revenues to a strong increase in shrimp output along with a rising export price. Shrimp exports alone fetched approximately US$3.5 billion in the first 10 months of the year, he said. The Secretary General in turn suggested that the worldwide increase in demand for shrimp is caused by the emergence of early mortality syndrome (EMS), a bacterium that effects shrimp. There are no reported cases of EMS in shrimp in Vietnam and local exporters should take advantage of the sharp fall in global supply, while continuing to be vigilant and prevent its outbreak in the country, the Secretary General said. Vietnam exporters still face difficulties in the US market along with anti-dumping lawsuits against shrimp and tra fish, he added saying they also need to be mindful of the importance of reducing chemical residue. Lastly, the Secretary General pointed to the need for more investment in aquaculture breeding and export activities. Enormous challenges ahead For the first three quarter of the year, all of the official statistics seem to point in a positive direction for the seafood industry.  Most notably the Vietnam shrimp export turnover skyrocketed 42.3% to US$2.93 billion on-year with the US, Japan, and the European Union (EU) the leading import markets. The US became the country’s largest shrimp importer in the third quarter and the Japanese market improved in the third quarter as well, after experiencing a decline in the second quarter caused by antibiotic issues. Local shrimp exporters also registered high revenue in the third quarter from the EU market, which ranked among top five importers of Vietnamese shrimp. Other key importers include the Republic of Korea and Australia. Although tra fish exports posted a high turnover in the third quarter, it was unable to sustain any real growth. In the first three quarters of the year, tra fish grossed total revenues of US$1.3 billion, roughly equivalent to last year’s figure. The tuna fish export market is holding steady and comparable to 2013. Total export revenues from tuna exports are estimated at US$363 million, dipping 12.5% on-year. Cuttlefish and octopus exports are in the red for the first 10 months of the year after facing a strong decline over the past two years. Key importers include the Republic of Korea, Italy, Spain, France, Germany, and China. VOV