Most of An Giang-based pangasius processors have currently run their own fish farming area, but they still got limited output and could not satisfy needs of raw material for processing because the majority of farms were in small scale. Many companies started to develop fish farming areas which have suitable water resources to farm fish; and then invest in new equipments and technologies to stock fish with high density of 350,000 – 450,000 seeds per hectare, boosting fish production to about 50 MT per hectare.
In the province, the link between fish producers and processors stayed weak. Some companies have already signed supply contracts with farmers to buy farmed fish. However, this measure did not show good effect in the case of small farmers, those needed to make deal with pangasius processing and export companies to sell all their fish.
Other concern of fish growers was lack of money to keep business as banks imposed restriction of credits for borrowers from aquaculture sector. Plus, loans were offered at high interest rate, so medium and small farming households have little chance to access bank credit sources.
In this tough situation, farmers became hesitant to stock fish as the result of rising input cost. Feed for fish growing rose by VND500 – 1,000 per kilogram, vet drugs went up by 10 – 15 percent and fuel price kept climbing; so growers could not make profit though they quoted raw fish price at higher levels.
Fish farmed and sold by farmers can not compete with those produced by processing companies in price because farmers were not granted a return of 5 percent of value-added tax on feed and vet drugs...It was very difficult for them to get loans at preferential interest rate because banks considered pangasius aquaculture as a risky sector and intended to limit offering loans or just grant loans at high interest rate.
Raw pangasius price showed downward trend in domestic market, threatening fish farming activities. Both producers and processors needs more finance to save business. Farmers are forced to push down price to sell fish and get money to pay back the bank. However, due to lack of capital, fish processing companies just buy fish with smaller volume or reduce purchasing fish for inventory.
Locality required that Directorate of Fisheries should coordinate with Ministry of Finance to calculate the needed cost for pangasius production each year. The data will be used to set the floor price of raw pangasius in the domestic market.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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