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Vietnam exports $2bln worth of fishery products in first four months

By An Hong   May 4, 2016 | 06:07 pm GMT+7

Vietnam's exports of fishery products in the first four months of this year reached roughly $2 billion, up 6.2 percent from the same period last year, the Agriculture Ministry said.

The Vietnam Association of Seafood Exporters and Producers (VASEP) estimated that this year’s exports of tuna will increase 12 percent to hit $507 million, cuttlefish and octopus will rise 10 percent to $470 million and other fresh fish exports will hit $1.3 billion.

The government has announced several measures to support the industry, including giving fishermen easier access to bank loans so they can build boats.  

Vietnam exported its tuna to 105 markets last year with the U.S. leading the way, followed by the E.U., ASEAN and Japan.

Tuna exports to the U.S. were worth an estimated $190 million, an increase of 9 percent year on year. Exports to ASEAN countries increased by 24 percent last year, but exports to the EU and Japan were down by nearly 20 percent and 10 percent. 

Following free trade agreements Vietnam has signed, lower tariffs will be imposed on the country's tuna exports.

Vietnam is conducting a trial project for tuna fishing, buying, processing and consumption, which is expected to help improve quality and competitiveness.

Vietnam exports $7 billion worth of seafood a year.