The VND500 billion (nearly $24 million) programme envisages Hung Vuong supplying its Viet Thang brand of fish feed on credit to pangasius farmers, who can pay the company once they sell the fish following harvest.
It offers many farmers an economic lifeline after months of financial problems.
Ngo Van Triet, a pangasius farmer in My Luong town in An Giang Province, said the feed supplied by Hung Vuong would help him increase the weight of the fish in his breeder farm from the present 650 grammes to 800-1,000g.
Unable to get cheap loans under Government programmes to buy feed for his fish, Triet had to reduce the size of his farm from over 10ha to just 1ha now.
Ngo Van Them, a pangasius farmer in Can Tho city's Thot Not District, said he too has reduced the size of his farm from 3ha five years ago to just 1ha ha.
Nguyen Van Ky, a member of the Hung Vuong Corp board, said the scheme is aimed at helping farmers who cannot afford feed for their fish, and the two-month credit is interest-free.
But to benefit, farmers must have pangasius farms with each fish weighing at least 500g.
Ky said when the fish grow large (800-1,000g), Hung Vuong would buy them at VND23,000 per kilogramme.
"Farmers can sell their pangasius to other processors, but have to pay 1 per cent interest per month for the feed," Ky said.
Soon after the programme was launched, around 40 farmers have signed up with Hung Vuong Corp, which expects to supply 10,000 tonnes of feed.
"While the scheme would help farmers cut costs, they would be forced to reduce the size of their farms if pangasius prices remain lower than production costs," Nguyen Ngoc Hai, chairman of the Can Tho-based Thoi An Seafood Co-op, told Viet Nam News.
(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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