In 2011, Russia imported $2.6bn worth of fish and seafood, a 19 per cent increase relative to 2010. Market analysts report that variety and quality of seafood are increasingly important to Russian consumers. Supermarkets are now stocking a wider variety of seafood than ever, expanding their selections beyond traditional Russian fishes such as herring, mackerel and salmon. Consumers can now purchase squid, prawns, live scallops, snails, oysters and more.
Market experts say that the annual increase in the consumption of frozen and fresh fish, shelled shrimps (peeled) and shrimps in the shell, whole calamari, calamari fillet, calamari rings, mussels and mixed seafood is estimated to be 20 to 30 per cent in the coming year. The annual consumption of more up-market products such as black tiger prawns, royal freshwater shrimps, lobsters, crayfish, scallops, octopus and crab is growing at a rate 40 to 50 per cent annually.
Due to Russias accession to the WTO, nearly all categories of fish and seafood will see a reduction in tariffs, although reductions may not occur immediately with accession.
Medium-term Market Access Gains due to WTO accession: Frozen, fresh and chilled fish (excluding filets) will see reduced tariffs between 2013 and 2017. The pre-accession applied bound rate is currently 10 per cent; the final bound rate is expected to fall between eight and three per cent depending on species. For salmon and trout fillets, the final bound rate is expected to be four per cent by 2016, and for cod fillets, to five per cent by 2015.
Tariffs on frozen hake and pollock fillets will fall to seven per cent by 2014. For crustaceans, the tariff on whole lobsters will fall from 10 to only five per cent with this change occurring by 2015 for frozen and by 2016 for live lobsters. For non-whole frozen lobsters the tariff will fall from 10 to eight per cent by 2013.
For frozen shrimps and prawns, the current tariff will fall to between five and three per cent by 2014-2015 depending on variety. For frozen crabs, it will fall from 10 to five per cent by 2015-2016 depending on variety. For mollusks, the pre-accession applied/post-accession bound rate will fall to seven per cent by 2015 for oysters, for scallops to six per cent by 2015 and for mussels to five or six per cent by 2016-2017 depending on variety.
(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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