HCMC – The shortages of materials for seafood export processing are forecast to last until the end of the year, according to the Ministry of Agriculture and Rural Development.
Despite signs of export recovery observed in May and June, the persistently low prices of aquaculture products are continually eating into profits and fostering a cautious sentiment among farmers.
Vietnam’s aquaculture sector has been struggling with a setback in exports, with statistics showing a 27.4% year-on-year decline in export value to an estimated US$4.13 billion in the January-June period.
The first half of 2023 saw seafood output reaching 4.27 million tons, 47.2% of the yearly target, with aquaculture products accounting for over 2.3 million tons.
The ministry on August 8 issued a directive urging local authorities to bolster oversight and guidance in aquaculture in the latter half of this year.
The directive aims to ensure prompt dissemination of information to farmers and enterprises. Authorities of provinces and cities are asked to update production data, supply sources and price trends. Such information will be relayed to farmers and relevant enterprises, allowing them to formulate response plans and strategies for farming, processing and export.
The directive also highlights the significance of cost-cutting measures and advanced farming techniques within aquaculture. It also encourages collaborative production networks to minimize intermediaries, guaranteeing a swift and cost-efficient delivery of input materials to farmers.