Vietnam's aquaculture market will grow at a compound annual growth rate of 5.73 per cent during the period 2016-2020, according to latest forecast by Research and Markets.
The aquaculture market in Vietnam is one of the biggest aquaculture in the world, according to the Research and Markets' forecasts with annual domestic consumption of seafood per capita in the country is about 78 lbs. (35.4 kilos) per capita.
This consumption figure is expected to increase by 5.37 per cent on average per year for the period of 2015-2020. The total consumption of seafood in the domestic market in Vietnam was over 710 thousand metric tons in 2015 and is expected to reach 940 thousand metric tons by 2020.
Key vendors in the Vietnamese market include: Camau Seafood Processing and Service Joint Stock Corporation, Dongnam Seafood, Phuong Dong Seafood, Food Joint Stock Company Ca Mau Seafood Exports, Hung Vuong Mekong, Minh Phu, Ngoc Sinh Seafood, Oriental Seafood, to name just a few.
With the improvements in freshwater aquaculture technology, the steps in the production of seed production have changed from intensive water use land-based systems to water-saving and water productivity-enhancing interventions. Irrigation systems and irrigated agriculture are integrated with fish seed production.
Optimizing the use of irrigated agricultural land can be further explored for its expansion and commercialization potential. For fry to fingerling rearing, the use of cages and net enclosures is becoming increasingly popular in Vietnam. Such initiatives contribute to the enhancement of productivity of irrigated water bodies.
Vietnam is one of the most suitable places for seafood and fish farming because of its long and rich coast line. Infrastructure development, growing consumption of fish, high disposable income of consumers, and export of farmed fish and seafood are some of the key drivers, which enable Vietnam to contribute significant revenue to the aquaculture industry in Asia Pacific.
The need for aquaculture in Vietnam stems from the high demand from wholesalers, retailers, restaurants, and individual consumers.
(Source: vneconomictimes)
(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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