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Vietnam's seafood exports to hit 5.3 bln USD in 2011

2011-05-10 From:xinhua    [Large Medium small]

HANOI, May 9 (Xinhua) -- The Vietnamese seafood exports are expected to hit the target of 5.3 billion U.S. dollars in 2011 despite the increasing input costs, shortage of raw materials and other difficulties, reported the Vietnam Association of Seafood Producers and Exporters (VASEP) on Monday.

According to the Vietnamese Ministry of Agriculture and Rural Development (MARD), Vietnam's seafood exports in the first four months rose by 29 percent year-on-year to 1.6 billion U.S dollars. The export to the United States grew by 39 percent, Germany by 32 percent and Canada by 100 percent.

Despite the increase in export value, most businesses did not earn profits due to increased input costs, high bank loan rates, and rising prices of electricity, oil and packaging, MARD reported.

Insiders said that the biggest difficulty faced by businesses is a serious shortage of raw materials such as farmed "tra" fish and shrimps, which has caused many factories to operate at only half of their capacity. Electricity and oil price hikes have pushed the seafood industry expense up by 20 percent.

Apart from traditional markets, including the United States, Japan and the European Union, the businesses are working to expand the markets in Republic of Korea, China and other potential countries, VASEP said.
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