The decline in Vietnam's seafood export is equivalent to a reduction of over 1.1 billion USD. In particular, the shrimp export sector faces the most difficulties.
Due to El Nino, saltwater intrusion has affected the shrimp farming industry. This year’s shrimp production is 9.5% lower than last year. Meanwhile, competitors in places like India and Indonesia have increased their output and lowered prices. At one point, the price of white shrimp on the market decreased to 30%.
It is estimated that in 2016, the market will still face difficulties due to weather and disease. A series of new trade agreements signed will provide minor tax advantages, but the key issue is to reduce costs and develop sustainably. The goal for 2016 is to reach total aquaculture production of 6.4 million tonnes and total exports of 7.6 billion USD.
