Despite prolonged drought and saltwater intrusion, the shrimp industry has managed to stay afloat. This is the first Vietnamese enterprise that has managed to keep off the US anti-dumping tax list. Partly thanks to its shrimp export turnover reaching 550 million USD, an on-year increase of 5%.
'We are happy with our turnover as we've maintained our growth even during a time when the global economy is complicated", Le Van Diep - General Director of Minh Phu Fisheries Import Export - said.
"Vietnamese Government has finished negotiations and signed free trade agreements. This is a chance for Vietnamese shrimp to reach more foreign markets", Ho Van Luc - Chairman of Sao Ta Food Company - said.
Even though the country lacks sufficient shrimp supplies in the remaining months of this year due to the impact of saltwater intrusion, the association predict an export forecast shortfall of around 300 million USD, but Vietnamese shrimp exports by the end of 2016 are still expected to reach 3.1 billion USD, up 3.3% year on year, raising the total seafood export value to more than 7 billion USD.
The positive growth was attributable to higher exports, forex stability and rising demand from major markets.
