(Seafood.com) Bangkok is returning
The World Bank estimates the flood will cost Thailand about 1.4 trillion baht ($44.5 million), slashing the country's economic growth to 2.4 per cent this year. Sandbags are still stacked in doorways, but the city is slowly, surely, returning to its chaotic normal self.
On Monday the Thai cabinet approved a plan to disburse 20 billion baht rapidly for initial post-flood rebuilding and to stimulate the economy, Prime Minister Yingluck Shinawatra said.
"This is part of an emergency plan of the government's flood relief program. It is part of 60 billion baht budget approved earlier," Yingluck told reporters after a special meeting. The remainder of the budget would be approved in stages later because affected provinces and government agencies have to review the funds needed for post-flood recovery to avoid any duplication, Yingluck said.
Shrimp farming areas by and large have escaped damage from the floods.
According a report from Diamond V, which markets shrimp feed additives in Thailand, overall shrimp farming has not been significantly affected. From May through November 2011, the floods slowly swept southward from the Central Plains into Bangkok and then into the Gulf of Thailand. The major shrimp producing regions for the export market are in the far south and southeast and were not much affected.
“There has been some effect on the inland, low-salinity production of Penaeus vannamei. This sector produces no more than 20% of the national output, and my estimate is that a quarter of this may have been destroyed by flooding. Total loss to the low-salinity sector should have been no more than 5% of national production. Much of this shrimp does not enter international markets due to persistent off flavor. Most of it is sold domestically,” said Brian Hunter of Diamond V in an email to Bob Rosenberry, of Shrimp News.
Their was some concern when the government talked about closing Highway 2 due to projected flooding during the first weeks of November. This closing would have affected shrimp processing, as the major processing plants are located 2-3 hours south of Bangkok in the Mahachai and Petchaburi regions on or near Highway 2. As it turned out, there was no closure to Highway 2.
(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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