Economic integration has helped Vietnamese agri-products overcome tariff barriers, especially staples such as rice and aquatic and wood products.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has created excellent opportunities for Vietnamese agri-products to join global supply chains, according to deputy head of the Agro Processing Market Development Authority (AgroTrade) Tran Van Cong.
It also creates a driver as well as pressure on domestic businesses to increase exports of processed products with high added values, he added.
According to Nguyen Ton Quyen, Vice Chairman of the Vietnam Timber and Forest Product Association, other members of the CPTPP are potential export markets of the Vietnamese wood industry.
The Forest Law Enforcement, Governance and Trade Voluntary Partnership Agreement (FLEGT-VPA) between Vietnam and the EU is expected to promote export growth of wood and timber products to major European markets.
Deputy Minister of Agriculture and Rural Development Ha Cong Tuan said EU is the fourth biggest market of Vietnam, making up 13-17 percent of the country’s furniture export turnover.
Not only creating opportunities in trade of goods, integration has enabled the agriculture sector to promote the application of science and technology to improve production quality, competitiveness, technical standards and food safety and hygiene.
Many advanced technical standards including Vietnamese Good Agricultural Practices (VietGAP), ISO and HACCP in processing have been applied in Vietnam. National standards on food safety and animal and plant quarantine have been harmonised with international standards, helping the country’s’ farm produce penetrate choosy markets.
The Ministry of Agriculture and Rural Development has focused on developing foreign markets, prioritising those with high export turnover, while removing barriers for export businesses and providing information on Vietnamese farm produce and production procedures to foreign customers to reinforce their trust.
Last year, the ministry spared no effort to remove difficulties for businesses in the two major markets of China and the EU.
The ministry sent working delegations to China and hosted and participated in trade promotion activities to introduce Vietnamese agri-products.
In the EU, the ministry helped businesses increase the presence of Vietnamese farm produce at supermarkets.
It also held activities to promote trade of Vietnamese farm produce in Russia, Japan, India and ASEAN countries.
VNA
(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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