Meanwhile, finished agricultural product output reached 112 tons, and consumption reached 59 tons, down 53% and 57%, respectively, over the same period last year.
Accordingly, Sao Ta Foods recorded a total consolidated revenue of 19.17 million USD in March 2023, an increase of 32% over the same period in 2023. Thus, the total revenue of this enterprise in the first quarter of 2024 was estimated to reach 49.67 million USD (equivalent to 1,227 billion VND), an increase of 14% compared to the first quarter of 2023.
Notably, the company leadership said that they has harvested shrimp from shrimp farms stocked in the off-season since the end of November 2023, with quite positive farming results.
Since July 2023, Sao Ta Foods put into operation the Vinfarm farm in Vinh Thuan, helping to expand the farming area by 203 hectares, bringing the total farming area to 525 hectares with the ability to supply 16,000 tons of raw shrimp per year. When this farming area is fully operational, it will significantly improve the self-supply capacity of raw shrimp, leading to the expansion of Sao Ta Foods' gross profit margin.
It’s estimated that Sao Ta Foods' self-raised shrimp output this year will increase by 29% compared to 2022, helping the gross profit margin increase to 11%. Accordingly, this year's revenue and profit of Sao Ta Foods will increase by 10% and 25.5%, respectively, compared to the performance level of 2023.
Sao Ta Foods' Board of Directors is maintaining a cautious stance on this year's business prospects and expects that difficulties for the shrimp industry may last at least the first half of this year, amid risks from the shrimp crop, challenges of CVD case from the United States, as well as limitations in the domestic supply of shrimp materials due to farmers reducing stocking.
On March 25, the US Department of Commerce (DOC) issued a conclusion in the anti-subsidy investigation of frozen warm water shrimp (Warm Frozen Warmwater Shrimp under HS codes 0306.17, 1605.21, and 1605.29) that originates from Vietnam. DOC has set the preliminary anti-subsidy tax rate for Vietnamese enterprises as follows: 2.84% for a single mandatory defendant enterprise and all remaining enterprises; and 196.41% for a single defendant business that did not participate in the case.
This will cause more difficulties for Vietnamese shrimp products in the US market, which is facing fierce competition from cheaper shrimp products from Ecuador and India.
Sao Ta Foods is currently building a business plan for this year with the target of net revenue reaching 5,187 billion VND and consolidated profit before tax reaching 320 billion VND, an increase of 2% and 5%, respectively, compared to the year's performance in 2023. Thus, by the end of the first quarter of 2024, the company is estimated to have achieved 23.6% of the year's revenue target.
This year, Sao Ta Foods will continue to focus on deeply processed products, aiming to optimize costs and increase productivity by specializing in products at each factory and improving the quality of workers to achieve set business goals.
(seafood.vasep.com.vn) The United States remains one of the largest importers and consumers of Vietnamese pangasius, primarily in the form of frozen fillets. However, in recent years, the country has significantly increased its imports of value-added pangasius products.
(seafood.vasep.com.vn) After reaching a peak of nearly USD 6 million in June 2024, the export value of Vietnamese tuna to Italy has stagnated and continuously declined in the last five months of the year. Cumulatively, by December 15, 2024, export turnover to this market decreased by 18% compared to the same period in 2023, reaching over USD 30 million. With this decline, Italy is no longer Vietnam's largest tuna import market within the EU bloc.
The Mekong Delta province of Tien Giang, with its 32-km coastline, is well-positioned to develop a thriving seafood industry. Recognising the importance of sustainable offshore fishing, local authorities have implemented policies to modernise the fishing fleet and support operations in offshore waters.
(seafood.vasep.com.vn) On the evening of December 23, 2024, in Ho Chi Minh City, the Vietnam Association of Seafood Exporters and Producers (VASEP) held a ceremony to celebrate the seafood export milestone of 10 billion USD, with hopes for continued growth in 2025. The event was attended by Deputy Minister of Agriculture and Rural Development Phung Duc Tien, Deputy Minister of Foreign Affairs Nguyen Minh Hang, and representatives from various ministries, as well as domestic and international partners.
(seafood.vasep.com.vn) With a market share exceeding 10% in Vietnam's aquafeed sector, Sao Mai Super Feed has affirmed its position as one of the leading brands, making a significant contribution to the development of the pangasius industry and elevating Vietnamese pangasius products on the international stage.
Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP) Nguyen Hoai Nam said that in the past 5-6 years, Vietnam's seafood export value has only hovered around 8-10 billion USD/year. To reach the value of 16 billion USD by 2030, Mr. Nam proposed establishing corporations/enterprises to exploit the sea.
(seafood.vasep.com.vn) Vinh Hoan Seafood (stock code VHC) announced that its export turnover to three key markets— the U.S., EU, and China—grew between 32% and 40% in November 2024 compared to the same period in 2023.
(seafood.vasep.com.vn) Shrimp exports for the first 11 months of 2024 brought in nearly 3.6 billion USD, up 22% compared to the same period last year. Exports to major consumption markets all recorded double-digit growth.
(seafood.vasep.com.vn) In 2023, total pangasius imports into the European Union saw a significant decline compared to the previous year. Approximately 70,000 tons were imported, 3,000 tons less than in 2022, according to a report from FAO-Globefish.
(seafood.vasep.com.vn) On December 11, Vinh Hoan Joint Stock Company (Vinh Hoan Corp) was once again honored in the "Top 50 Most Effective Businesses in Vietnam" ranking, compiled annually by the Investment Bridge Magazine. This marks the 11th consecutive year Vinh Hoan has been recognized in this prestigious list.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
Chịu trách nhiệm: Ông Nguyễn Hoài Nam - Phó Tổng thư ký Hiệp hội
Đơn vị vận hành trang tin điện tử: Trung tâm VASEP.PRO
Trưởng Ban Biên tập: Bà Phùng Thị Kim Thu
Giấy phép hoạt động Trang thông tin điện tử tổng hợp số 138/GP-TTĐT, ngày 01/10/2013 của Bộ Thông tin và Truyền thông
Tel: (+84 24) 3.7715055 – (ext.203); email: kimthu@vasep.com.vn
Trụ sở: Số 7 đường Nguyễn Quý Cảnh, Phường An Phú, Quận 2, Tp.Hồ Chí Minh
Tel: (+84) 28.628.10430 - Fax: (+84) 28.628.10437 - Email: vasephcm@vasep.com.vn
VPĐD: số 10, Nguyễn Công Hoan, Ngọc Khánh, Ba Đình, Hà Nội
Tel: (+84 24) 3.7715055 - Fax: (+84 24) 37715084 - Email: vasephn@vasep.com.vn
