Hanoi (VNA) - Vietnam’stotal aquatic product export value in January fell by 12.5 percent year-on-yearto 644 million USD due to the impacts of the novel coronavirus epidemic,according to the Vietnam Association and Seafood Exporters and Producers(VASEP).

The epidemic is greatlyimpacting China, one of Vietnam's main aquatic product export markets, andcausing a strong reduction in exports from Vietnam to China.

VASEP Deputy General SecretaryNguyen Hoai Nam said several enterprises exporting tra fish (pangasius),tuna and shrimp had faced suspension of payment for export contracts becauseChinese banks were not open due to the coronavirus epidemic. It was expectedthat from February 16 when banks are set to reopen, Chinese partners would beable to pay Vietnamese export contracts for goods shipped by sea.

In addition, some largeshipping firms had not agreed to ship goods to China while some large seafoodimporters had proposed ships not go past ports in China.

VASEP has predicted that aquaticproduct exporters will still be able to receive new contracts but the number ofcontracts will decrease. Chinese restaurants reducing aquatic productconsumption will affect Vietnam's aquatic product exports.

Some local exporters have hadaquatic products sent to China that have had to be stockpiled, racking up largefees to freeze the seafood in stock, according to Nam.

However, VASEP GeneralSecretary Truong Dinh Hoe said the epidemic was likely to not have a greatimpact on Vietnam’s aquatic product exports this year because usually, demandfor imported aquatic products from Vietnam to China increases in March andApril, reported Dau tu (Investment)newspaper.

China is one of Vietnam's fourlargest aquatic product export markets, accounting for 16-17 percent of thecountry’s total aquatic product export value.

On the other hand, Hoe saidVASEP saw many opportunities for local businesses to increase the production offrozen and canned seafood because during and after the epidemic, customerswould favour processed seafood.

Hoe also said that large globalevents like the Tokyo 2020 Olympics and Euro 2020 football tournament wouldboost seafood consumption, especially of shrimp. The scale of the outbreak inChina would cause many markets to reduce seafood imports from China.

Vietnam’s seafood enterprisescould take those opportunities to increase exports to the US, Japan, SouthKorea and Europe, Hoe said.

In addition, businesses shouldalso focus on increasing their market shares domestically, said the VASEPrepresentative.

Duong Nghia Quoc, Chairman ofthe Vietnam Pangasius Association, said besides export strategies to keymarkets, businesses needed to enhance marketing activities and expanddistribution channels at home./.