Shrimp exports are showing positive signs in many markets. Exports to the US and EU have shown stable growth. China is implementing policies to boost consumption, which could help increase shrimp import demand from Vietnam.
In November 2024, exports to China&Hong Kong and the EU continued to maintain a double-digit growth rate, while exports to Japan, the US, and South Korea showed single-digit growth.
In November 2024, shrimp exports to the US reached over 55 million USD, up 9% compared to the same period last year. Cumulatively, exports to this market reached 702 million USD, an increase of 10%. Wholesale shrimp prices in the US saw a wide increase in the second week of December. The price increase may be due to concerns over shipping and overall higher costs across the entire supply chain. Shopping and consumption demand during the holiday season in the US is expected to grow positively.
As of November 2024, shrimp exports to China&Hong Kong showed good growth of 34%, reaching 761 million USD. The demand for shrimp consumption during the Lunar New Year has increased imports in this market, making it the largest shrimp import market in the first 11 months of this year, surpassing the US.
Export shrimp prices are showing signs of rising, especially for white-legged shrimp, helping to improve profit margins for businesses.
Shrimp raw material prices are also at a positive level, which will support production and exports.
Moreover, processed shrimp products are experiencing strong growth, which is a positive signal, showing that businesses are shifting towards value-added products.
However, Vietnam's shrimp industry still faces internal challenges that need to be overcome to achieve sustainable growth.
Specifically, Vietnamese shrimp need to improve quality and reduce costs to compete in the international market. This includes enhancing issues related to seed quality control, farming seasons, stocking density, disease management, reducing production costs, and forecasting consumption trends in importing markets to help drive the shrimp export value chain and increase income for shrimp farmers.
In addition, there needs to be a shift in mindset. Rather than focusing on production volume and high technology, emphasis should be placed on sustainability and efficiency, particularly regarding quality, environment, health, and selling prices.
Furthermore, farmers need to keep up with trends in shifting farming species; trends in high-tech, environmentally friendly shrimp farming that adapts to climate change and sustainability; and the development and application of biotechnology. Especially, the link in production chains with international standards to meet market demand is crucial.
(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.
(seafood.vasep.com.vn) On December 11, Vinh Hoan Joint Stock Company (Vinh Hoan Corp) was once again honored in the "Top 50 Most Effective Businesses in Vietnam" ranking, compiled annually by the Investment Bridge Magazine. This marks the 11th consecutive year Vinh Hoan has been recognized in this prestigious list.
(seafood.vasep.com.vn) The purchase price of raw pangasius in the first 11 months of 2024 remained at 26,000-27,000 VND/kg. However, farmers faced challenges in earning profits due to rising costs of fish feed, fuel, and labor during the year.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX) recently announced its production and business results for November 2024, showing a 5% year-over-year increase in revenue but a 21% decline compared to the previous month.
(seafood.vasep.com.vn) Soc Trang province underscores the critical role of the fisheries sector in driving its socio-economic development. Located along Vietnam's coastline, the province features 72 km of shoreline, three major estuaries—Dinh An, Tran De, and My Thanh—and a dense river network encompassing diverse ecosystems, including saltwater, brackish, and freshwater. These natural resources provide ideal conditions for the growth of aquaculture, making the fisheries sector a cornerstone of Soc Trang’s economic strategy.
(seafood.vasep.com.vn) In 2024, the pangasius industry in Dong Thap is projected to achieve a production value of VND 8.802 billion, marking a 2.86% increase compared to 2023 and accounting for over 17% of the province's total agricultural, forestry, and fishery production value.
(seafood.vasep.com.vn) Vietnam's tuna exports to Japan have seen robust growth over the past two months. Data from Vietnam Customs shows that in October 2024 alone, tuna exports to Japan surged by 31% year-on-year, reaching nearly USD 3.5 million. This growth has offset the decline experienced in the first half of the year, raising the total export value for the first ten months of 2024 to nearly USD 28 million, a 5% increase compared to the same period last year.
A business forum was held by the Dutch Embassy in Vietnam in collaboration with the Ministry of Agriculture and Rural Development (MARD) in the Mekong Delta city of Can Tho on November 27, seeking ways for sustainable aquaculture in the region.
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