Integration – Penetration – Assimilation
Stronger integration, deeper penetration and more assimilation are three phrases to evaluate the effectiveness of FTAs in general and the CPTPP agreement in particular for Vietnam seafood industry.
After 5 years, with seafood export turnover increasing from 2.2 billion USD to 2.9 billion USD in 2022, reaching 2.4 billion USD in 2023, CPTPP is the market group with the second strongest growth rate, after China. In 2018, CPTPP accounted for 25% of Vietnam's seafood exports, by 2023, it accounted for nearly 27%.
The clear changes in seafood exports 5 years after the CPTPP agreement took effect are:
First, in terms of exports, the increase rates in exports to CPTPP countries is stronger than other markets. In particular, Canada, Chile, Peru, Singapore, Malaysia, Australia...
- Vietnamese seafood’s market share in these markets went up, showing increased competitive strength thanks to the CPTPP agreement.
For example, in Canada: market share increased from 7-8% to 10%, of which shrimp alone increased from 18% to 25% and ranked first; tuna also increased from 6% to 11% and ranked third.
In Australia, Vietnam’s shrimp holds an overwhelming market share of 70%, nearly doubling from 32% before signing the agreement. These numbers reflect the significant increase in Vietnamese seafood exports to CPTPP markets since joining the agreement.
Second, there is a rise in seafood imports to Vietnam for processing and re-export, as well as for domestic consumption;
Integration is also shown through collaborative efforts to enhance the quality and efficiency of seafood processing for expor, thanks to investments and partnerships in technology, techniques, and applying scientific advancements in aquaculture, processing, and seafood export.
CPTPP expansion - more opportunities for the seafood industry
The UK signed an agreement to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) - a milestone that could lead to moremembers joining the agreement. These changes also create more opportunities for Vietnamese seafood to penetrate the market and integrate by diversifying raw material sources.
Currently, under the bilateral agreement between Vietnam and the UK, preferential import taxes on key Vietnamese seafood products to the UK are mostly zero. However, a few product codes such as processed shrimp HS code 160521 and 160529 are still subject to a 7% tax rate. Of course, these two Vietnamese product lines are both in the No. 1 position in the UK, dominating 36% of the market share, but the room for growth will be greater when Vietnamese shrimp is subject to CPTPP tariff preferences.
In addition, the opportunity to diversify raw material sources for processing exports within the bloc will increase. In addition, Vietnamese companies is also a partner for the UK in the processing of seafood products from the UK, such as cod.
(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.
(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.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
Chịu trách nhiệm: Ông Nguyễn Hoài Nam - Phó Tổng thư ký Hiệp hội
Đơn vị vận hành trang tin điện tử: Trung tâm VASEP.PRO
Trưởng Ban Biên tập: Bà Phùng Thị Kim Thu
Giấy phép hoạt động Trang thông tin điện tử tổng hợp số 138/GP-TTĐT, ngày 01/10/2013 của Bộ Thông tin và Truyền thông
Tel: (+84 24) 3.7715055 – (ext.203); email: kimthu@vasep.com.vn
Trụ sở: Số 7 đường Nguyễn Quý Cảnh, Phường An Phú, Quận 2, Tp.Hồ Chí Minh
Tel: (+84) 28.628.10430 - Fax: (+84) 28.628.10437 - Email: vasephcm@vasep.com.vn
VPĐD: số 10, Nguyễn Công Hoan, Ngọc Khánh, Ba Đình, Hà Nội
Tel: (+84 24) 3.7715055 - Fax: (+84 24) 37715084 - Email: vasephn@vasep.com.vn
