Market issues such as large inventory, low demand, and falling prices have strongly affected the shrimp and pangasius industries, especially in key markets such as the US and EU.
Therefore, pangasius exports fell the most in the first 6 months, followed by shrimp. The seafood industry continues to face a shortage of raw materials, high input costs, and most importantly, the IUU yellow card is making the procedures for certifying wild- caught seafood products to go to the EU market more difficult in 2023.
Seafood exports, including to the once-promising Chinese market, have sharply declined. Persistently sluggish post-Covid economies, ongoing wars, and inflation have cast a shadow on recovery, maintaining their hold on food consumption trends, including seafood.
In this difficult situation, many seafood enterprises have adjusted their product structures and strategies
In this difficult situation, many seafood enterprises have adjusted their product structures and strategies. Therefore, although many enterprises experienced a decrease in sales compared to the same period last year, there were still enterprises that achieved positive growth in export turnover in the first half of this year thanks to maintaining labor, utilizing capacity, focusing on value-added goods and processing for export. These enterprises will be the driving force to recover export sales for the industry in the second half of 2023.
Can Vietnam seafood exports reach the expected target of US$10 billion in 2023? By the end of July, seafood exports had only earned nearly US$5 billion. Can it break through in the last 5 months of the year?
To gain deeper insights into product structure and export markets, the business situation of seafood enterprises in recent years, assess the resilience of consumption markets, the competitiveness of Vietnam's seafood products in 2023, opportunities and challenges in the coming time; we extend an invitation to businesses and readers to register for the Q2/2022 Report on Vietnam's Seafood Exports.
Compiled by Thuy Linh
(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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