The current situation in the Russian fish processing remains difficult in view of the government, because up to 70% of imported fish to the country is Russian fish, which was processed abroad, mainly in China.
As part of the strategy, the government plans to start an active building of fish processing facilities in all federal districts of the country and especially the Far Eastern Federal District, which will account for 40% of total fish processing capacities in the country by 2020.
At the same time the share of the North-West Federal District (Barents Sea) will account for 34% of Russia's total fish processing, while the share of the Southern district 4%.
The strategy also involves modernization of more than 400 domestic fish processing enterprises. The most intensive development to be carried out in around 150 fish processing plants in DFO. According to state plans, total volume of investments in the Russian fish processing industry by 2020 will amount to 36 billion rubles (USD $1.1 billion), of which 28 billion rubles will be investment funds raised from the companies and their partners.
The implementation of these plans is expected to help to increase the share of Russian production in the global market of fish processing products up to 0.83% in 2016 and to 0.94% by 2020.
At the same time, the new strategy has already been criticized by leading Russian experts in the field of fish processing. According to the experts of the Russian Pollock Association, the document contained inaccurate information about the current status of Russian fish processing industry, and sets wrong industry targets for the future.
According to German Zverev, head of the Association, one of the main focuses in the new strategy is paid to the development of canning segment of the Russian fish processing, which neither consistent with consumer preferences of Russian customers nor with global trends of fish processing.
(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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