Vietnam International News Agency - In recent years, Vietnam's exports of aquatic products to China have soared. It shows that Vietnam's aquatic products have great potential for export to China. In the next few years, the demand for Chinese imported aquatic products is expected to continue to rise, reaching $20 billion by 2020.

According to the statistics of the General Administration of Customs of Vietnam, in the first seven months of this year, Vietnam’s exports of aquatic products to China reached 543 million US dollars, an increase of 55.02%. China has become Vietnam's third largest export market for aquatic products, second only to the United States and Japan. China ranks first in the top ten single markets for aquatic products in Vietnam, far exceeding the second-ranked Japanese market (up 31.12%).

Li Wei, deputy director of the Trade Promotion and Training Center of the Vietnam Aquatic Products Processing and Export Association, said that the export potential of Vietnamese aquatic products, especially shrimp and fish, is still huge. Due to the barriers of traditional markets such as the United States, Japan and the European Union, Vietnamese fishery export companies are increasingly turning to the Chinese market.

[The first 7 months: the demand for Vietnamese shrimp in the Asian market has soared]

Actually, China is not only a potential alternative market, but because of the increasing demand for imported aquatic products in China, the country may become the most important export market for Vietnamese aquatic products in subsequent years. According to statistics from the General Administration of Customs of China, in the first six months of this year, China’s imports of aquatic products were US$4.2 billion, up 17% year-on-year. It is expected that the country’s imports of aquatic products will reach US$8 billion in 2017, equivalent to Vietnam’s water. Total export value of products. It is estimated that in 2020, China's imports of aquatic products will reach 20 billion US dollars.

The reason for China's import of large quantities of aquatic products is that domestic supply cannot meet demand. In addition, China is advocating the reduction of natural fishing to protect aquatic resources. On the other hand, Chinese aquaculture is facing difficulties in terms of labor, land and disease. The demand for aquatic products in China is large. The per capita consumption of aquatic products in urban areas of China exceeds 40 kg/person/year. By 2020, the per capita consumption of aquatic products in China will be 35.9 kg/person.

In order to meet domestic demand and the demand for raw materials from aquatic export processing plants, the Chinese government is encouraging the import of aquatic products. This is a favorable condition for Vietnamese aquatic products to enter the Chinese market. In particular, there is a greater demand for two of the most foreign-invested aquatic products in Vietnam, such as shrimp and fish. At present, China has become the fourth largest market for Vietnamese shrimp products and has become the largest export market for Vietnamese grass shrimp products. For fish, Vietnam has become China's fourth largest supplier of white meat.

Therefore, the Vietnam Aquatic Products Processing Export Association predicts that Vietnam's shrimp and fish will likely maintain double-digit growth in exports in the next few years.