Vietnam approves development scheme for seafood processing in 2021-2030

August 18, 2021 | 16:45
Deputy Prime Minister Le Van Thanh on August 16 signed Decision No.1408/QD-TTg approving the development scheme for the seafood processing industry in 2021-2030, aiming to make Vietnam one of the world’s top five seafood processors by 2030.
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.

Vietnam seafood exports to stay slow in second half Vietnam seafood exports to stay slow in second half
Seafood industry urges vaccination for workers as 70 per cent of factories are closed Seafood industry urges vaccination for workers as 70 per cent of factories are closed
Seafood exports expected to reach 12 billion USD by 2025 Seafood exports expected to reach 12 billion USD by 2025
Seafood exports in first half reach more than $4.1 billion Seafood exports in first half reach more than $4.1 billion

By Bich Thuy

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional