Currently, input prices have increased tremendously (especially for gasoline), leading other industries’ price levels to increase accordingly. Noticeably, the price of input materials for aquaculture has also increased, such as imported soybeans, bran, fat, etc., along with the increase in workers' wages to ensure that it is in line with the current price slide. Another difficult point is that, even though the epidemic is controlled, a few large markets are still applying the Zero Covid policy, so the openness of these markets is not certain and varies at times, affecting the global supply chain. Input materials, have increased by 10% - 20%. The most notable increase is the freight rate, which has increased by 5 to 10 times. For example, the European freight for a 40-foot container at between 1,500 USD to 2,000 USD has leaped to 20,000 USD. The difficulty to find shipping containers has been affecting company’s competitiveness, hindrancing market supply due to delayed orders and affecting the customers. Facing this situation, GODACO has put forward some solutions: reaching out to new markets, expanding new products, limiting activities in unstable markets, reducing unnecessary costs in production, increasing productivity and quality improvement, etc., in order to minimize the impact of increasing input prices, heading towards increasing competitiveness in markets. According to Mr. Dao, the processed seafood industry in particular, and the food industry in general, after the epidemic, the recovery of the economy and the demand for food and travel will contribute to the increasing consumption demand for this product category. We also expect that from now to the end of 2022 as well as the coming years, the demand for food will keep increasing. This is also a new opportunity for the seafood processing industry. Taking advantages of these opportunities, the company also takes preparation steps, especially implementing many solutions to get back to its position before the epidemic by the end of 2022. The company also set specific goals for the coming years, such as continuing to expand the pangasius farming area of about 70 hectares, building more processing plants, expanding the market... GODACO's goal in 2023 is to increase revenue and export turnover by about 30% and the company will be among the top 3 largest fish processing enterprises in Vietnam in the next 5 years.
Compiled by My Hanh
(seafood.vasep.com.vn) The outlook for Vietnam’s seafood exports remains positive, with a strong focus on maintaining growth in key markets like China and the U.S., while diversifying into new regions. As global trade policies continue to evolve, adaptability and strategic planning will be key to navigating the challenges ahead.
(seafood.vasep.com.vn) Thanks to improved pangasius prices and higher production, Vĩnh Hoàn's after-tax profit in Q4 2024 reached VND 440 billion, a 4.8-fold increase compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam’s Customs, in Q4 2024, Vietnam’s pangasius exports to China & Hong Kong reached USD 163 million, a 17% increase compared to the same period in 2023, with consistent growth across all months. The total value of pangasius exports to China & Hong Kong for 2024 reached USD 581 million, a 1% increase over the previous year.
Vietnam’s seafood exports are projected to maintain strong growth this year, potentially reaching 11 billion USD.
(seafood.vasep.com.vn) In the final quarter of 2024, Vietnam’s surimi and fish cake exports showed consistent growth over the last three months. For the entire year 2024, exports of these products reached USD 298 million, down 2% compared to 2023. However, the final quarter saw more promising signs for the surimi and fish cake export sector, with some markets experiencing notable growth, such as Thailand, China, and Taiwan. Particularly, exports to Taiwan, which had seen continuous declines in the previous two quarters, surged by 301% in this quarter.
(seafood.vasep.com.vn) Another year of pride for Vietnam's pangasius exports has concluded, reaching over USD 2 billion and contributing 20% to Vietnam's total seafood export turnover.
Vietnam maintained its position as the fifth-largest seafood exporter to Singapore for 12 consecutive months, surpassing Japan for the first time in 2024, amid the intensifying competition in this market.
(seafood.vasep.com.vn) Despite facing numerous challenges in the second half of the year, Vietnam's canned tuna exports concluded 2024 with a 17% increase compared to 2023, reaching USD 299 million. To maintain this growth momentum in 2025, the canned tuna production and export sector requires coordinated efforts from all stakeholders.
SSI forecasts a 28% year-on-year increase in after-tax profit attributable to the parent company of Vinh Hoan Corporation (VHC), driven by a gradual improvement in average selling prices from USD 3.15/kg in 2024 to USD 3.30/kg (+5%) in 2025. An Giang Fisheries Import-Export Joint Stock Company (ANV)'s after-tax profit attributable to the parent company is projected to rebound by 104%.
In 2025, the Mekong Delta province of Bac Lieu aims to earn 1.2 billion USD from exporting shrimp, one of the key export products that accounts for over 95% of its total export value.
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