In the first seven months of this year Vietnam’s seafood exports rose 4.4 per cent compared to the same period last year, with turnover of $3.6 billion.
Seafood exports faced some difficulties earlier in the year. From the second quarter, however, the signs have been positive, especially for shrimp and pangasius exports.
Demand for imported shrimp has increased in the US since April, which is good news for Vietnam’s exporters. Ecuador, a major shrimp exporter, is likely to see lower output due to earthquakes and disease.
Meanwhile, the US Department of Commerce (DOC) increased the average duty on shrimp imports from India to 4.98 per cent from the previous 2.96 per cent, according to ICRA Limited, an Indian credit ratings agency. Thailand is also losing its prestige in the global shrimp market.
Global shrimp volumes are forecast to decline, pushing up prices by 10 to 15 per cent. This represents a great opportunity for Vietnam to increase the value of its shrimp exports to the US.
The US and Vietnam signed an agreement in July resolving disputes over US anti-dumping duties on Vietnamese shrimp. The two agreed on a framework to resolve two WTO disputes, DS404 and DS492, in which Vietnam objected to the US’s anti-dumping measures.
As a result, the Minh Phu Seafood Corporation, Vietnam’s largest shrimp exporter, will no longer be subject to anti-dumping duties when exporting to the US. In a DOC decision, Minh Phu’s dumping margin was found to be zero or not significant in three consecutive administrative reviews. It will be refunded part of the anti-dumping duties it had deposited in previous years, estimated to be in the millions of dollars.
The implementation of the Vietnam-South Korea Free Trade Agreement (VKFTA) has also had a positive impact on Vietnam’s shrimp exports.
In the first year of the agreement’s implementation 10,000 tons of Vietnamese shrimp will enjoy a tax rate of zero per cent. The figure for Thailand, Indonesia and Malaysia is 5,000 tons. Over the next five years the figure for Vietnam will increase to 15,000 tons. This gives Vietnam’s shrimp more advantages than in the ASEAN-South Korea FTA, with a 5,000-ton figure on shrimp from all ten ASEAN countries.
VASEP said that the export of other major seafood items would also see good results over the remaining months of the year. It forecast export turnover of $7.1 billion, an 8 per cent increase compared to 2015.
Shrimp exports will earn $3.2 billion, up 11 per cent, tuna $500 million, up 10 per cent, and squid $450 million, up 5 per cent. Pangasius exports, meanwhile, will earn $1.6 billion, down 4 per cent compared to 2015.
VASEP General Secretary Truong Dinh Hoe said that Vietnam’s seafood exports will face a shortage of shrimp supplies over the remaining months of the year due to the impacts of saltwater intrusion. Other seafood may also be affected due to problems in offshore fishing.
Vietnamese seafood companies will need import $1 billion worth of pangasius, shrimp, and squid to meet demand for exports.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (ticker symbol FMC - HoSE), one of Vietnam's largest shrimp exporters, recently announced its 2024 business results.
(seafood.vasep.com.vn) The United States remains one of the largest importers and consumers of Vietnamese pangasius, primarily in the form of frozen fillets. However, in recent years, the country has significantly increased its imports of value-added pangasius products.
(seafood.vasep.com.vn) After reaching a peak of nearly USD 6 million in June 2024, the export value of Vietnamese tuna to Italy has stagnated and continuously declined in the last five months of the year. Cumulatively, by December 15, 2024, export turnover to this market decreased by 18% compared to the same period in 2023, reaching over USD 30 million. With this decline, Italy is no longer Vietnam's largest tuna import market within the EU bloc.
The Mekong Delta province of Tien Giang, with its 32-km coastline, is well-positioned to develop a thriving seafood industry. Recognising the importance of sustainable offshore fishing, local authorities have implemented policies to modernise the fishing fleet and support operations in offshore waters.
(seafood.vasep.com.vn) On the evening of December 23, 2024, in Ho Chi Minh City, the Vietnam Association of Seafood Exporters and Producers (VASEP) held a ceremony to celebrate the seafood export milestone of 10 billion USD, with hopes for continued growth in 2025. The event was attended by Deputy Minister of Agriculture and Rural Development Phung Duc Tien, Deputy Minister of Foreign Affairs Nguyen Minh Hang, and representatives from various ministries, as well as domestic and international partners.
(seafood.vasep.com.vn) With a market share exceeding 10% in Vietnam's aquafeed sector, Sao Mai Super Feed has affirmed its position as one of the leading brands, making a significant contribution to the development of the pangasius industry and elevating Vietnamese pangasius products on the international stage.
Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP) Nguyen Hoai Nam said that in the past 5-6 years, Vietnam's seafood export value has only hovered around 8-10 billion USD/year. To reach the value of 16 billion USD by 2030, Mr. Nam proposed establishing corporations/enterprises to exploit the sea.
(seafood.vasep.com.vn) Vinh Hoan Seafood (stock code VHC) announced that its export turnover to three key markets— the U.S., EU, and China—grew between 32% and 40% in November 2024 compared to the same period in 2023.
(seafood.vasep.com.vn) Shrimp exports for the first 11 months of 2024 brought in nearly 3.6 billion USD, up 22% compared to the same period last year. Exports to major consumption markets all recorded double-digit growth.
(seafood.vasep.com.vn) In 2023, total pangasius imports into the European Union saw a significant decline compared to the previous year. Approximately 70,000 tons were imported, 3,000 tons less than in 2022, according to a report from FAO-Globefish.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
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