Vietnam approves development scheme for seafood processing in 2021-2030

Vietnam aims to modernise the seafood processing industry by 2030

Under the scheme, by 2030, the country targets to increase the volume of processed seafood by over 6 per cent a year, while increasing the added value of processed seafood exports.

The country also aims to equip over 70 per cent of seafood processing facilities for export with modern technology and develop several seafood processing groups and businesses which have powerful financial capacity and management skills on par with the world.

The value of seafood processing for domestic consumption will hit VND40-45 trillion ($1.74-1.96 billion), greatly contributing to the country’s seafood export turnover.

To achieve the targets, the scheme sets out key tasks to develop the industry in a modern, efficient, and sustainable manner, meeting market demands, improving competitiveness, and integrating deeper into the global value chain.

They include managing and developing raw materials for seafood processing from breeding, fishing to import to meet the demand for processing businesses, domestic consumption and export, while complying with domestic and international practices.

The country will attract investment in the development of powerful seafood processing groups on par with global peers; upgrade seafood processing facilities for export with modern equipment and production technology, increasing production capacity.

The country will also focus on boosting the processing of seafood products with high added value and pay attention to key export items such as shrimp, tra fish, and tuna, while diversifying processed seafood products, developing products from tuna and seaweed and extracting and separating mixes with biologically active compounds of high value for the foodstuff and pharmaceutical chemistry industries.

The other task is to develop seafood markets and rearrange production chain to increase economic efficiency, and competitiveness of the industry.

Vietnam’s seafood export turnover hit over $4.1 billion in the first half of this year thanks to recovering demand in the two major markets of the US and EU and sharp increases in exports to new markets.

With this momentum, Vietnam seafood exports in 2021 can reach the target of $9 billion.

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