A Government instruction issued in early August decreed that tra fish farmers wishing to expand their business should be able to borrow money at the favourable interest rate of 11 per cent, with many provinces already taking action.
The Government decision came after a series of meetings between ministries, the State Bank of Vietnam and the Vietnam Development Bank to discuss solutions for boosting livestock and aquaculture production.
The majority of the tra fish growers set to benefit are concentrated in the Mekong Delta.
Accordingly, An Giang Province has disbursed roughly VND267 billion (US$12 million) for lending to farmers at the preferential interest rate of 11 per cent annually.
In Vinh Long, the Department of Agriculture and Rural Development said six farming households had been able to borrow loan from the provincial Agribank at the new rate.
Nguyen Huy Dien, deputy director general of the Directorate of Fisheries, said most of the outstanding loans that had been taken for the purpose of breeding, collecting and selling tra fishes have been adjusted to bring rates below 15 per cent.
Dien said currently, the cost for breeding tra fishes is estimated to cost around VND8 billion ($381,000) per hectare and often takes 8-10 months, forcing growers to ask for loans that take a similar time period to come through. At the same time, banks only permit short-term loans at several million dong per ha.
According to the Directorate of Fisheries, it has suggested that the Ministry of Agriculture and Rural Planning outline a policy that would allow non-governmental joint stock banks to offer preferential loans to tra fish growers and raisers.
At the same time, it also suggests the Finance Ministry should allow tra fish growers to recoup VAT taxes for costs related to buying food, as well as adding materials used in the production of livestock food to the price stablisation list.
Viet Nam expects to hit its yearly tra fish export target of $1.8-2 billion, according to the Viet Nam Seafood Exporters and Producers (VASEP).
The Vietnam Tra Fish Association is due to be inaugurated in September, a move expected to provide a further boost to the sector.
(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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