But one exporter, Binh An Seafood Joint Stock Company or Bianfishco (BAF), is in deep financial trouble, and looking for help to settle its huge debts. Saigon Hanoi Commercial Joint Stock Bank (SHB) has agreed to join a rescue plan.
Under the plan, SHB pledges to issue a letter of guarantee to Vietnam Development Bank (VDB)-branch in Can Tho-Hau Giang so that VDB releases the seafood company's mortgaged assets it was reported July 31. Bianfishco mortgaged the assets earlier in order to ask for loans from VDB for funding its investment and export plans.
The $11 billion target for the industry as a whole is part of the fishery departments development plan for the country's fisheriessector in the 2012-2020 period. The sector is expected to grow between 8% and 10% in the period. By 2020, the sector is expectedto contribute 2.8%-3% to the country's gross domestic product, with aquatic output projected to reach seven million tons while seafood production is forecast at 2.95 million tons.
Along with building prestigious brands, Vietnam also plans to establish a network in foreign countries to promote export of seafood products, selling directly to foreign supermarkets and main distributors. Seafood is one of Vietnam's export staples. The country expects to have revenues of $6.8 billion from seafood exports in 2012 versus over $6.3 billion in 2011.
