EU, China restrictions could cause Vietnam to miss $10bn seafood export goal

Lower-than-expected exports of shrimp, pangasius and other items could cause Vietnam to miss its 2019 $10 billion export goal by a billion dollars, the Vietnam Association of Seafood Exporters and Producers (VASEP) said in a report released Monday, according to Reuters.

Vietnam exported $1.4bn worth of shrimp during the first six months of the year, 1% less than the first six months of 2018, and pangasius exports totaled $995 million, 0.7% less year on year, VASEP said. Overall, seafood exports during the first half are estimated to have declined by 1% to $3.95bn when compared to the first six months of 2018.

One reason for the decline, the trade association suggested, is a fall of 11% in exports to the European Union because of the ``yellow card`` restriction in place since 2017 for illegal fishing. Another is a drop of 5% in exports to China, due to that country`s tightening of import policies.