Bac Lieu province to reach 1 billion USD in seafood export turnover

Bac Lieu province has been actively implementing numerous solutions for economic development with a sense of urgency and determination. However, with only two months remaining until the end of 2023, a series of obstacles pose a challenge to the province's development.

During the first nine months of 2023, Bac Lieu province's export turnover reached over 676 million USD, marking an increase of 7.2% compared to the same period in 2022. Frozen shrimp exports are estimated to exceed 659 million USD, marking an increase of 7% compared to the same period in 2022. Additionally, shrimp export turnover in Bac Lieu province is expected to reach 1 billion USD in 2023, 1.3 billion USD in 2025, and 1.7 billion USD in 2030.

Bac Lieu province has actively implemented governmental resolutions regarding key tasks and solutions to improve the investment environment, promoting transparent and business-friendly practices. Furthermore, the province has organized online and in-person meetings with businesses, investors, and business dialogue to inform stakeholders on the socio-economic development situation in the area.

However, the overall socio-economic development in the province has faced considerable challenges over the first ten months of 2023. Public investment disbursement has failed to meet the outlined plan, reaching only 49% of the target. The export sector also encountered difficulties.

Namely, the recently inaugurated Vietnam-Australia Seafood Processing Plant has only exported 30 tons of shrimp to the South Korean market by August 2023, and is currently in the process of finding new orders. The current supply of raw shrimp meeting the requirements and quality for processing and export faces occasional difficulties and remains unsustainable. Furthermore, Bac Lieu province is unable to establish a stable raw material area for sustainable shrimp processing and export.

In terms of rice export turnover, no significant contribution has been made to the overall provincial turnover due to the temporary suspension of production and business operations by Bac Lieu Food Company for workforce re-organization. Additionally, the local Vinh Loc Food One Member Limited Liability Company only engages in procurement and supply to the Loc Troi Corporation.

With determination to overcome challenges and achieve the targets for the year 2023, the Bac Lieu Provincial People's Committee has directed various sectors to promptly and effectively implement the outlined objectives, tasks, and solutions in accordance with the government's resolutions, programs, and plans for the five-year socio-economic development period from 2021 to 2025.

According to Mr. Pham Van Thieu, Chairman of Bac Lieu Provincial People's Committee, the province currently focus on three key export items: shrimp, rice, and salt. Notably, shrimp is the province's export item, constituting over 95% of the province's export turnover. Moreover, Bac Lieu province houses 48 seafood processing plants with modern equipment and a designed processing capacity of approximately 294,000 tons per year. Locally processed shrimp products have been qualified to enter demanding markets such as the United States, Japan, the EU, China, South Korea, among many others worldwide.

However, despite the advantages, local businesses face considerable export difficulties due to the impacts of COVID-19, recession, and inflation in several major export target markets, resulting in a  reduced demand and orders, whereas input material prices continue to rise.

The Chairman of Bac Lieu Provincial People's Committee affirmed that the province will thoroughly evaluate each issue shared by the delegates at the conference to incorporate them into the action plan for 2024 and the following years, with an emphasis on key issues which require immediate attention. Bac Lieu province will assign specific responsibilities to each department, attaching them to deadlines for implementation, and assigning members of the Standing Committee of the Provincial People's Committee to oversee and provide guidance. Ultimately, the main goal is to put these directives in practice and position Bac Lieu province as a shrimp industry hub. Additionally, the province has set the target to achieve 1 billion USD in shrimp export turnover in 2023.

Bac Lieu province is concentrating on efficiently mobilizing and utilizing resources to serve socio-economic development. On the other hand, the province is aligning with the National Target Program for comprehensive and sustainable new rural construction in association with urbanization and enhancing the material and spiritual lives of the people.

Additionally, focused efforts are being directed towards fulfilling low-performance targets such as the disbursement rate of public investment, the National Target Program capital, export turnover, the establishment of new enterprises, and the health insurance coverage rate.