(seafood.vasep.com.vn) According to market trends, starting in Q3, importers typically ramp up purchases to prepare for the holiday season and year-end festivities. U.S. consumer spending is expected to recover in the second half of 2024 compared to the same period last year, which could positively impact the value of Vietnam's seafood exports to this market.
Cautious spending among Chinese consumers may benefit Vietnamese pangasius exporters, as pangasius is a more economically viable option compared to other whitefish like tilapia and carp in China's fragmented seafood market. In the EU, strict control measures on seafood products from Russia and China could create new opportunities for Vietnam. Meanwhile, the Japanese market is projected to recover strongly in the latter half of 2024. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnamese shrimp producers hold a competitive edge in exporting high-quality processed shrimp to Japan compared to other exporters.
Vietnamese seafood enterprises are now entering a competitive phase to achieve positive business results, actively seizing new opportunities. Nam Viet Corporation (NAVICO) is targeting VND 5 trillion in revenue and VND 306 billion in net profit in 2024, representing increases of 13% and 685%, respectively, compared to 2023. NAVICO plans to enhance production quality, diversify its product range, reduce costs, protect the environment, expand its customer base, and maintain existing clients. The company is also improving farming and processing techniques to ensure stable output, high quality, and reasonable prices. Nam Viet is poised to become the largest capitalized pangasius enterprise on the stock exchange, with plans to issue an additional 133 million bonus shares at a 1:1 rights ratio.
Another prominent player in the seafood sector is Vinh Hoan Corporation (VHC), often referred to as the "Pangasius Queen." VHC is focusing on expanding its C&G factory production line, with capacity expected to increase by 50% upon completion, primarily to serve the European market. The company has also allocated over VND 20.5 billion for six land plots in An Giang province to expand its farming areas.
Despite current challenges, the seafood industry holds significant growth potential, driven by the recovery of major markets and the sustainable development strategies of enterprises.