In the second quarter this year, 92.3 per cent of seafood firms need working capital of between VND10 billion (US$476,190) and VND500 billion ($23.81 million), said Nguyen Minh Tam, a VASEP representative.
Ninety per cent of companies expected credit line to increase to VND10 billion ($476,190) in minium and VND1.4 trillion ($66.67 million) in maxium, Tam said, while 53.85 per cent need between VND2 billion ($95,238) and VND300 billion ($14.29 million) for developing investment activities such as upgrading equipment and factories in regions rearing fish and shrimp.
Difficulties in accessing capital have kept enterprises from purchasing fish and shrimp for export while farmers refrain from selling on credit, she said. Farmers have avoided losses despite firms being unable to pay their debts, such as in the case of Binh An Seafood Company.
As a result, enterprises have been forced to import seafood for processing export products, she added. Additionally, firms have faced high freight and quarantine fees and increasing production costs amidst a lack of capital.
VASEP said Viet Nam's ocean freight costs had increased by US$240-800 per foreign port since early this month. The hikes would continue in the next two months as shipping companies announced that from April 1, they would begin charging containers shipped to European ports with a general rate increase (GRI) of $400 per 20-foot container. On May 1, the same GRI will be applied on goods shipped to the US.
Therefore, ocean freight costs will skyrocket by $640-1,200 per 20-foot container in the three months from March to May, VASEP said.
Shipping costs in Viet Nam are currently 10-15 per cent higher than those in other regional countries including Thailand and the Philippines.
Last month, the association proposed the Ministry of Industry and Trade and relevant bodies reduce freight costs to ease the burden on seafood exporters.
Earlier, the association also asked the ministries of Finance and Agriculture and Rural Development to reconsider the quarantine fee levels applied on imported seafood batches in order to help companies reduce costs and increase competitiveness.
Many seafood companies are saying that the quarantine fees stipulated in a new Ministry of Finance's circular, effectives starting this month, have increased too much from the levels regulated in the ministry's previous circular, issued in late 2010.
The Ministry of Agriculture and Rural Development estimated the total export value of seafood for the first quarter this year to have experienced a year-on-year increase of 9.1 per cent to $1.2 billion.
During the first two months, seafood exports declined by 7 per cent to the European Union while it increased 11.5 per cent to the US and 25.3 per cent to Japan. One year ago, Viet Nam saw an increase of 30 per cent in seafood exports for each of the three markets.
Therefore, the VASEP expected the country would struggle gaining its target of $6.5 billion in seafood export value due to existing difficulties.
(seafood.vasep.com.vn) In 2024, Ben Tre province expanded its high-technology application in aquaculture by an additional 523 hectares, surpassing the planned target of 500 hectares and achieving a fulfillment rate of 104.6%. To date, the province has converted 3,633 hectares to high-tech aquaculture out of the 4,000-hectare goal, representing 90.82% progress towards the 2021-2025 phase plan. This sector yields an average productivity of 60-70 tons per hectare, with a total output reaching 221,282 tons. The average profit margin ranges from VND 700 to 800 million per farming season, delivering substantial economic benefits to the local populace.
(seafood.vasep.com.vn) In 2025 In 2025, Vietnam's brackish water shrimp industry will continue to grow sustainably, enhancing value-added products with strong contributions from local authorities and the business community.
(seafood.vasep.com.vn) In January 2025, the country's total seafood output was estimated at 594,100 tons, a 0.7% increase compared to the same period last year. Specifically, fish production reached 443,400 tons, up 0.7%; shrimp output was 56,300 tons, up 3.1%; and other seafood products totaled 94,400 tons, down 0.9%.
(seafood.vasep.com.vn) The industrial pangasius production in Vinh Long province in 2024 reached 95,100 tons, a 4% decrease compared to 2023. Despite the decline in production, positive trends in the final months of the year offer hope for improving economic efficiency in the near future. Additionally, the increase in the area for industrial pangasius farming and the maintenance of overall aquaculture area demonstrate the province’s efforts to sustain its production activities.
(seafood.vasep.com.vn) In January 2025, Vietnam's total seafood export value reached 774.3 million USD, a 3.3% increase compared to the same period in 2024. This is a positive result compared to January 2023, when the Lunar New Year fell at the end of the month, significantly impacting export outcomes.
(seafood.com.vn) In 2024, Vietnam exported shrimp to 107 markets, up from 102 in 2023. The top 5 major markets for Vietnam’s shrimp exports were China & Hong Kong, the U.S., Japan, the EU, and South Korea, accounting for 76% of the total shrimp export value.
(seafood.vasep.com.vn) In 2024, Vietnam's seafood sector successfully exported to numerous countries, reaching a milestone of USD 10 billion, a 12% increase compared to 2023. 2025 promises to be a prospective year for promoting exports to various markets, including target and potential markets such as the US, China, ASEAN, and the Middle East.
(seafood.vasep.com.vn) The EU has been one of the largest consumers of Vietnamese pangasius over the past decade. However, data from Vietnam Customs reveals a gradual decline in EU imports of pangasius from Vietnam over the last five years.
The Report on Vietnam Seafood Exports in 2024 by the Vietnam Association of Seafood Exporters and Producers (VASEP) was published amid positive developments in the country's seafood industry, marking a successful year with a total export value of USD 10 billion, a 12% increase compared to 2023. This milestone underscores the sustainable growth and exceptional potential of the seafood sector in contributing to the national economy.
(seafood.vasep.com.vn) Vietnam's tuna sector faced numerous challenges in the latter half of 2024. While the year proved memorable, with export turnover reaching nearly USD 1 billion, maintaining this growth trajectory requires renewed impetus for the tuna industry.
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
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