During the month, finished shrimp production reached 1,497 tons, a 3% increase year-over-year. Consumption of finished shrimp stood at 1,648 tons, up 1.5% from the previous year.
Meanwhile, finished agricultural product output for November was 42 tons, a 59% decrease year-over-year, with consumption at 95 tons, down 16%.
Overall, November revenue reached $18.38 million, representing a 5% year-over-year growth but a 21% decline compared to October. For the first 11 months of 2024, Sao Ta achieved approximately $228.63 million in revenue, exceeding its full-year target of $210 million.
Regarding the shrimp farming, FIMEX has completed stocking the new area (203 hectares) and is in the process of stocking the old area (322 hectares), expected to be completed by December 20.
On October 22, 2024, the U.S. Department of Commerce (DOC) announced the final results of its countervailing duty (CVD) investigation on frozen warm-water shrimp from Ecuador, India, Indonesia, and Vietnam. The DOC set a CVD rate of 2.84% for Vietnam's shrimp industry.
Following the DOC's announcement, the U.S. International Trade Commission (ITC) will issue its final ruling on December 5, 2024. If the ITC delivers a final decision, the order will be issued on December 12, 2024.
Sao Ta assesses that the 2.84% CVD rate will officially pose a significant barrier for Vietnam's shrimp industry in this market. If the ITC concludes that the subsidies do not significantly affect the U.S. shrimp industry, the case will be dismissed.
"This “judgment day” is of critical importance for shrimp businesses exporting to this market. When planning their 2024 business strategies, shrimp companies likely did not anticipate the complexity of this case. Clearly, the mandatory tax payment will significantly impact their performance. FIMEX is also highly concerned and eagerly awaiting this “judgment day”. Because if the ruling is favorable, FIMEX expects to recover no less than VND 40 billion from its tax reserves, which would positively contribute to achieving its 2024 business goals," Sao Ta stated.
(seafood.vasep.com.vn) The outlook for Vietnam’s seafood exports remains positive, with a strong focus on maintaining growth in key markets like China and the U.S., while diversifying into new regions. As global trade policies continue to evolve, adaptability and strategic planning will be key to navigating the challenges ahead.
(seafood.vasep.com.vn) Thanks to improved pangasius prices and higher production, Vĩnh Hoàn's after-tax profit in Q4 2024 reached VND 440 billion, a 4.8-fold increase compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam’s Customs, in Q4 2024, Vietnam’s pangasius exports to China & Hong Kong reached USD 163 million, a 17% increase compared to the same period in 2023, with consistent growth across all months. The total value of pangasius exports to China & Hong Kong for 2024 reached USD 581 million, a 1% increase over the previous year.
Vietnam’s seafood exports are projected to maintain strong growth this year, potentially reaching 11 billion USD.
(seafood.vasep.com.vn) In the final quarter of 2024, Vietnam’s surimi and fish cake exports showed consistent growth over the last three months. For the entire year 2024, exports of these products reached USD 298 million, down 2% compared to 2023. However, the final quarter saw more promising signs for the surimi and fish cake export sector, with some markets experiencing notable growth, such as Thailand, China, and Taiwan. Particularly, exports to Taiwan, which had seen continuous declines in the previous two quarters, surged by 301% in this quarter.
(seafood.vasep.com.vn) Another year of pride for Vietnam's pangasius exports has concluded, reaching over USD 2 billion and contributing 20% to Vietnam's total seafood export turnover.
Vietnam maintained its position as the fifth-largest seafood exporter to Singapore for 12 consecutive months, surpassing Japan for the first time in 2024, amid the intensifying competition in this market.
(seafood.vasep.com.vn) Despite facing numerous challenges in the second half of the year, Vietnam's canned tuna exports concluded 2024 with a 17% increase compared to 2023, reaching USD 299 million. To maintain this growth momentum in 2025, the canned tuna production and export sector requires coordinated efforts from all stakeholders.
SSI forecasts a 28% year-on-year increase in after-tax profit attributable to the parent company of Vinh Hoan Corporation (VHC), driven by a gradual improvement in average selling prices from USD 3.15/kg in 2024 to USD 3.30/kg (+5%) in 2025. An Giang Fisheries Import-Export Joint Stock Company (ANV)'s after-tax profit attributable to the parent company is projected to rebound by 104%.
In 2025, the Mekong Delta province of Bac Lieu aims to earn 1.2 billion USD from exporting shrimp, one of the key export products that accounts for over 95% of its total export value.
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