Despite the threat of the world financial crisis, the industry aims to reach $4.3 billion by this year's end, according to statements made at a seminar held on Friday.

The seminar, hosted by the Ministry of Industry and Trade, covered the development of Viet Nam's seafood industry after the country joined the World Trade Organisation (WTO) nearly two years ago.

Officials said the country had made steady leaps in becoming the eighth largest seafood exporter in the world, with a four-fold increase in export turnover over the last 10 years.

Since joining the WTO, Viet Nam has doubled its export markets for seafood.

The EU remains the largest overseas destination for Vietnamese seafood products, followed by Japan, South Korea and the US. In total, Viet Nam exports seafood to 120 countries.

This year, however, export earnings from some of Viet Nam's traditional overseas seafood markets have decreased. Export revenue is down by as much as 11 per cent for Japan and 10 per cent for the US.

Luong Le Phuong, deputy minister of the Agriculture and Rural Development, said the global financial crisis had led to lower demand in some major markets.

He said the key element in the current difficult situation was to ensure good quality products and reasonable prices.

"The financial storm has affected our trading partners' payment ability," he explained.

Nguyen Ngoc Duc, director of De Khang Phu Thanh Seafood Processing Ltd Co, said that his company had sought more markets in the Middle East, with payment terms of up to 90 days to maintain trading in this period.

"Banks should lower interest rates for credit to us, small- and medium-sized businesses," he added.

Meanwhile, Phuong recommended that seafood processors be economical in their production. Processors who maintain a tradition of good quality, for example, would not be inspected as often and therefore could avoid the corresponding fees.

Phuong added that there should be better coordination from seafood breeders, feed suppliers and processors to maintain sound quality as well as reasonable prices for their products.

"It is a matter of business conduct; and if they act separately, they harm themselves," he stressed.

Tran Thi Hong Minh, Honorary Chairwoman of VASEP and former deputy minister of the then Ministry of Fisheries, also said that solidarity in the business community was essential in this era of integration. She explained that it would boost domestic companies' competitiveness against foreign counterparts.

"The State should be more effective in linking relevant sectors in the industry to guarantee a firm structure of production," Minh said.

And according to Phuong, seafood processors had not paid much attention to their domestic market, especially highland areas with high demand for seafood.

Source: Viet Nam News