Vietnam's surimi products are currently exported to 30 markets worldwide. In Q1/2024, surimi companies made efforts to expand exports to smaller markets, but this was not enough to offset the decline in exports to major markets. The top 6 importers of Vietnamese surimi and fish cake in this quarter are Thailand, South Korea, China, Hong Kong, Japan, and Lithuania, accounting for 76% of the total export value of this product group.
Exports to major markets are all down compared to the same period last year. On the other hand, exports of surimi and fish cake to the EU are showing positive signs, increasing by 31% compared to 2023. Lithuania and Italy are leading the EU market in terms of imports of Vietnamese surimi and fish cake, with exports to both markets growing at high rates compared to the same period in 2023.
According to businesses, exports of surimi and fish cake are still facing difficulties due to the EU's IUU yellow card, which has caused delays in certification and verification processes for seafood exports to the EU. Additionally, domestic raw material shortages and challenges in importing raw materials due to IUU regulations are hindering the recovery of Vietnam's surimi and fish cake sector.
Vietnamese surimi producers are also facing a surplus of pollock surimi in the global market, which is currently weak. In the next few years, pollock surimi could dominate the market share of tropical fish surimi unless there is a recovery in consumer demand. This can only happen if new markets are found.
As of the end of March 2024, there were over 67 Vietnam exporters of surimi and fish cake products. The leading companies are DALU SURIMI, CASES, and KICOIMEX.
(seafood.vasep .com.vn) The return of Donald Trump to the White House for a second term will bring significant impacts on Vietnam, particularly its pangasius export sector. Trump's economic policies, such as raising import tariffs, reducing corporate income taxes, and attracting foreign direct investment (FDI) back to the US, are expected to directly influence various industries in Vietnam.
(seafood.vasep.com.vn) The UAE ranked 16th among importers of Vietnamese shrimp from 2018 to 2022, accounting for approximately 0.5% of Vietnam's total shrimp export value. Annually, Vietnam exported around US$20 million worth of shrimp to this market.
(seafood.vasep.com.vn) The company also announced that its farms are well-prepared and will begin stocking in mid-November when the weather conditions are favorable.
(seafood.vasep.com.vn) To maximize natural advantages and increase the value of local aquatic products, Ca Mau province is promoting the ecological shrimp farming model under mangrove forests. This model not only brings high profits to people thanks to businesses committing to purchasing products at prices 10-20% higher than the market price but also aims for sustainable development and environmental friendliness.
(seafood.vasep.com.vn) The Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the United Arab Emirates (UAE) was signed after just over a year of negotiations. With high demand for premium seafood in the UAE, particularly for shrimp and tuna products, Vietnam’s tuna industry is expected to gain increased export opportunities and higher product value thanks to the preferential terms of the CEPA.
(seafood.vasep.com.vn) In October 2024, seafood exports from Vietnam are estimated to exceed $1 billion, marking a 28% increase compared to the same period last year. This achievement signifies the first return to the $1 billion milestone in 27 months, since June 2022, providing a significant boost for Vietnamese seafood enterprises.
(seafood.vasep.com.vn) Under the theme "Dong Thap Pangasius: Green Journey - Green Value," the Dong Thap Pangasius Festival 2024 will take place over two days, November 16th and 17th, at Vo Nguyen Giap Square in Hong Ngu City.
(seafood.vasep.com.vn) The Department of Agriculture and Rural Development of Kien Giang has announced a plan to stabilize the biosafety rice-shrimp production area at 117,340 hectares by 2030.
(seafood.vasep.com.vn) According to the Department of Fisheries in Ca Mau, the total aquatic product output in the region is estimated at 536,140 tons as of October 17, achieving 82.23% of the annual plan and marking a 1.74% increase compared to the same period last year. Within this total, shrimp production stands at 208,495 tons, reaching 82.41% of the planned target and showing a 2.23% increase year-over-year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, pangasius exports to Iraq have surged significantly in the first nine months of 2024, marking the highest levels seen in three years. This upward trend has positioned Iraq as a key market for Vietnamese pangasius, even surpassing Iran, traditionally regarded as a gateway for trade between Vietnam and the Middle East.
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