Seafood is one of the products benefit from the FTA. In 2016, shrimp exports to Korea will have advantages thanks to the free trade agreement between the two countries. 7 tax lines on shrimp for were deleted. South Korea also committed to provide tariff quotas for 10,000 tonnes of Vietnam shrimp in the first year and rise to 15,000 tons after 5 years with a import-export tax of 0%.
As the results, Vietnam's shrimp have more advantages over other countries in the ASEAN region such as Thailand, Indonesia, Malaysia, while South Korea only give quotas of 5,000 tons for ASEAN.
Vietnam seafood are forecasted to penetrate deeper into South Korean market, with advantages such as lower freight costs compare to some rival countries in South America. In addition, with the elimination of import tariffs, Vietnam seafood price in Korean market will be cheaper than before, thereby encourage people to consume more.
In 2015, Vietnam's shrimp export to South Korea reached nearly US$238 million, down 25 percent from 2014, but the country still is the fifth shrimp import market of Vietnam, just after the US, Japan, EU and China. With incentives from the FTA, Vietnam's shrimp exports to the country will continue strong growths.
In addition to frozen shrimp, the other seafood products such as squid, octopus continue to have opportunities in the market. In 2015, the export of cephalopods to South Korea reached more than US$163 million.
Around 22 countries are exporting cephalopods to the Korea market, in which Vietnam helds the first rank, followed by Chile and Peru. South Korea is currently the biggest importing market for Vietnam cephalopods, accounting for 38% of the total exports of Vietnam cephalopods.
(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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