HANOI: High production costs, inadequate quality and unhealthy competition are preventing the Vietnamese seafood sector from hitting its revenue target of $8 billion, reports Tuoi Tre News.
According to Vietnam Association of Seafood Exporters and Producers (Vasep), the industry is set to rake in $6.6bn from exports in 2015 — $1.4bn short of its goal. The estimated 2015 export turnover is also said to be $1.2bn lower than the 2014 figure, with catfish growers, in particular, experiencing a tough time of it due to difficulties in finding buyers and production cutbacks.
Vietnam’s catfish export sector only earned $1.15bn in the first nine months of this year, down 9.3% from a year earlier, said Vasep. All of Vietnam’s traditional and major markets, including Mexico, Brazil, the EU, the US, and ASEAN countries, have reduced imports, exacerbating the situation, the association added.
