Increase in exports
Vinh Hoan Corp, the leading pangasius processing and exporting company in Vietnam, has just released its June business report with total revenue in the month increasing by 15% over the same period, reaching VND 713 billion. The main contributor to the increase was pangasius products with a growth rate of 16% over the same period last year, reaching VND 478 billion.
Regarding the consumption markets, exports to the US improved significantly thanks to the demand for restaurants and food service industries. Meanwhile, exports to Europe and China decreased by 25% and 12%, respectively.
In addition, according to the announcement of the US Department of Commerce on June 28 about the final results of the 16th review of Vietnamese pangasius shipments imported to the US from August 1, 2018 to July 31, 2019, Vinh Hoan and Nam Viet Corp were 2 exporters that were not subject to tax arrears for the amount of goods exported to the US during the review period. This is also an opportunity for these two companies to promote pangasius exports to the US market in the near future, taking advantage of the existing customer file.
Not only Vinh Hoan, a number of other seafood exporters also recorded positive export growth figures. For example, Saigon Aquatic Products Trading Joint Stock Company said that its export of pangasius and catfish products in the first five months of the year increased by 10% over the same period last year.
According to data from the Vietnam Association of Seafood Exporters and Producers (VASEP), pangasius exports in the first half of 2021 reached $788 million, up by 18 percent over the same period last year.
To Tuong Lan, Deputy Secretary General of VASEP, said that besides the stability of the US market, the good growth of the Chinese market from the end of February to the beginning of June, along with the recovery of other markets in the world. The CPTPP market has helped the pangasius industry grow, in which the recovery from the Chinese market plays the most important role.
But the cost is great
In fact, despite positive growth in the first half of 2021, pangasius exporters are facing challenges from rising raw material prices and logistics costs, affecting profits.
According to Ms. Lan, pangasius businesses are struggling with a series of costs and escalating prices. For example, the price of input materials has increased by 4 to 5 times since the middle of last year, essential products for production have increased from 5% to 25%, especially equipment for processing such as gloves, food safety and hygiene equipment to prevent epidemics increased very high. In addition, aqua feed increased by 15-20%, freight rates increased by 5-10 times, packaging also increased... These factors are huge challenges for the seafood industry in general and particularly pangasius to maintain the supply chain.
Meanwhile, export prices did not increase because the impact of the epidemic could not increase prices for consumers. In the end, the supplier's profits were lessened. They are forced to operate to maintain operations and retain customers, waiting for the market opportunity to fully recover.
A representative of VASEP said that whether the picture of pangasius exports in the coming time will be bright or not mainly depends on the US and Chinese markets, because from a negative growth rate of 30% in the first quarter of 2021, the EU could not get up in the second quarter.
The US is increasing imports of pangasius from Vietnam and this trend will continue in the coming months. Large pangasius exporters to the US are stable and have no problems with the markets, so they will continue to promote exports to this market.
Vietnam’s pangasius export to the United Arab Emirates (UAE) reached more than 7 million USD in the first quarter of this year, a rise of 67% against the same period last year. UAE mainly imported frozen fillets from Vietnam.
(seafood.vasep.com.vn) According to data from General Department of Vietnam Customs, the UK imported nearly $3 million worth of pangasius from Vietnam in the first half of March 2024. Cumulative pangasius exports to this market reached $12 million as of March 15, 2024, down 3% from the same period last year.
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at 13.53 billion USD, up 21.8% over the same period last year; and this results in a trade surplus of 3.36 billion USD, a rise of 96.5%, according to the Ministry of Agriculture and Rural Development (MARD).
The southernmost locality is developing shrimp farming models that generate large outputs but are environment-friendly.
(seafood.vasep.com.vn) An Giang province's aquaculture output is predicted to reach 172.3 thousand tons in the first quarter of 2024, up 6.37% (+10.3 thousand tons) from the same time the previous year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, as of March 15, 2024, Vietnam's cephalopod exports reached more than 109 million USD, a slight decrease of 3% compared to the same period in 2023. In the first quarter of this year, Vietnam's cephalopod exports are expected to reach about 136 million USD, down 2% over the same period last year.
(vasep.com.vn) According to statistics from the International Trade Centre (ITC), Portugal is the 6th largest tuna importer in the EU. In 2023, the country's tuna imports from other countries increased by 9% compared to 2022, reaching nearly 241 million USD.
(vasep.com.vn) Vinh Hoan Corporation has just announced supplementary documents for the 2024 Annual General Meeting of Shareholders, scheduled to be held on April 17.
(seafood.vasep.com.vn) Sao Ta Food Joint Stock Company (FIMEX VN) has just announced that in March 2024, finished shrimp output reached 2,000 tons and finished shrimp consumption reached 1,693 tons, an increase of 74%, and 42% over the same period in 2023, respectively.
(seafood.vasep.com.vn) In February 2024, Vietnam pangasius exports to China and Hong Kong decreased by 65% compared to February 2023, reaching 23 million USD.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
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