Shrimp exporters face hardship
Raw shrimp shortfall becomes more and more serious, pushing up its price and creating bad effect on seafood exporters and processors. This was attributable to lower production caused by EMS and foreign dealers scramble for shrimp in
Tra Vinh province has shrimp farming area of 26,000 hectares with 27,000 household farmers. 28 percent of total shrimp seed that was stocked was hit by disease.
Since the early 2013, local processors have fiercely competed in collecting raw shrimp in the province. High raw shrimp sales fetched good profit for local farmers however, shrimp processing plants in Tra Vinh province 'hunger' raw material.
Although the processors must pay higher price (1.5 times higher) to buy raw material, the supply for their processing plants was insufficient. As a result, through August 2013, some companies only reached 53 percent of their plan on shrimp exports.
In Ca Mau province, farmers stocked 267,000 hectares and harvested over 100,000 MT of shrimp, completing 78 percent of yearly plan through September. The price of black tiger shrimp now increases to VND240,000 per kilogram from VND170,000 per kilogram in 2012. The current shrimp price increases by 40 percent from that of two months ago.
The provincial Department of Agriculture and Rural Development recommended that farmers shouldn’t keep raw shrimp to earn more profit. This can cause risks for them because contracts are nearly doned.
Through September 2013, shrimp exports reached over US$2 billion in which whiteleg shrimp sales abroad were US$952 million, up 80 percent and exports of black tiger shrimp reached US$928 million, up 2.1 percent from that of the compatible time last year.
(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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