Vietnam Encourages Unprocessed Seafood Imports by Reducing Tariffs

While seafood processing capacity increased by 20 percent last year, catches in 2006 were up only by 7.6 percent.

The supply shortage has caused a majority of seafood processing factories to operate at just 30 or 50 percent of their capacity.

So, Vietnam is working to reduce tariffs rates to encourage unprocessed seafood imports in order to increase export revenues.

Vietnam is home to 470 seafood processing enterprises, earning over 3 billion USD in export revenues in the first 10 months of 2007 or a 10.8 percent year on year increase.