Aquatic product exports forecast to reach 9.4 billion USD in 2021

Update: 15:00 | 23/02/2021
Viet Nam’s aquatic product exports are expected to rake in 9.4 billion USD this year, a surge from 8.5 billion USD in 2020, driven by a strong rebound in demand of export markets and the support of free trade agreements, according to the Viet Nam Association of Seafood Producers and Exporters (VASEP).
Aquatic product exports forecast to reach 9.4 billion USD in 2021
Shrimp processed for export. (Photo: VNA)

Analysts of FPT Securities JSC (FPTS) predicted Viet Nam to continue increasing shrimp output in 2021, reaching 730,000 tonnes, up 4 percent year-on-year.

Stable supply will be an advantage for Vietnamese shrimp exporters to expand their market shares in export markets.

The prices of exported shrimps are also forecast to rise slightly by 5 percent to an average of 9.6 USD per kg, according to an FPTS report.

Meanwhile, experts from BIDV Securities Company said that it is difficult for Viet Nam’s shrimp sector to enjoy high export growth in 2021, as the production of competitive countries such as India and Ecuador begins strong recovery, especially when the two countries’ shrimp prices are 10-15 percent lower than that of Viet Nam.

However, the shipment of shrimps to the EU, which accounts for 21 percent of Viet Nam’s total shrimp export turnover, is expected to be supported by the EU-Viet Nam Free Trade Agreement (EVFTA).

The tariffs imposed on frozen shrimps were slashed to zero percent immediately after the EVFTA became effective on August 1, 2020, while those on processed shrimps will reduce to zero percent from January 1, 2027.

The output of Viet Nam’s tra fish is also forecast to maintain an uptrend this year.

FPTS expects that the export will bounce back thanks to the increasing demand of Viet Nam’s main importers such as China, the US, and the EU.

Vietnamese businesses’ efforts to focus on value-added processed products which meet all requirements on food safety and origin traceability of products will be paid off, with the export value of processed tra fish to surge in 2021.

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(Source: VNA)