Vietnam’s food processing industry has developed strongly in recent years. The country’s annual food consumption value is estimated at about 15 percent of the GDP, and in the last five years, processed food consumption has increased by 9.68 percent a year, and 6.66 percent for the consumption of beverages.
In the first 10 months of 2018, the production index of processed food and beverage industry had a year-on-year growth rate of some 8 percent.
Food and beverages account for the highest proportion in Vietnamese consumers’ monthly spending, at 35 percent.
These figures show Vietnam is a high potential consumer market for processed food and beverages.
Deputy Minister of Industry and Trade Do Thang Hai said the Government has prioritised the processing of agro-fishery-forestry products, with the focus on increasing the proportion of key farm produce and seafood and applying international standards in the production and processing.
Vietnam has also participated in international integration via the signing of economic deals with other countries, which have opened up a broad market for local enterprises, including those operating in food processing, Hai noted.
He added that agreements which soon come into effect such as the EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will help Vietnam’s products expand around the world.
Regarding investment policies, Vu Van Chung, deputy head of the Foreign Investment Department, stated that Vietnam had issued the Investment Law with numerous incentives for foreign investors.
The Ministry of Industry and Trade has worked with the Ministries of Planning and Investment, and Agriculture and Rural Development, as well as local agencies to support investors who want to pour capital into the country’s food processing industry, Chung affirmed.
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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