Positive signs have been seen in shrimp exports since the beginning of this year and alongside a host of favourable conditions regarding market demand, the target of earning 4 billion USD from exports has been deemed “within reach”.
Auspicious signs
The US Customs and Border Protection (CBP)’s removal of anti-dumping tariffs on the Minh Phu Seafood Corporation’s frozen shrimp products exported to the US is great news for the company and Vietnam’s shrimp industry as a whole.
The move has allowed the company to ship more frozen shrimp products to the US free of additional tariffs currently imposed on those from India. It will also receive a refund of tariffs it submitted previously.
The Ministry of Industry and Trade said the decision is objective and fair, with thorough consideration given to the efforts of Minh Phu and relevant agencies.
On January 5, a batch of 160 tonnes of frozen shrimp products from Minh Phu left port for the US, Europe, and Japan.
Figures from the Ministry of Agriculture and Rural Development showed that seafood export value was estimated at 600 million USD in January, a year-on-year increase of 19.6 percent.
The Vietnam Association of Seafood Exporters and Producers (VASEP) said 2021 boasts favourable conditions for shrimp production and export, as demand worldwide remains stable and other exporters have yet to fully recover from the pandemic.
Vietnamese shrimp also possesses advantages in terms of tariffs thanks to new-generation free trade agreements the country has signed.
Experts noted that shrimp prices on the global market are projected to rise in the first half of this year and exports may well top 4.4 billion USD.
The US, Europe, and China are Vietnam’s largest markets at the moment, Deputy Minister of Agriculture and Rural Development Phung Duc Tien said.
To realise the export target, companies and farmers must carefully prepare necessary conditions for production while remaining vigilant against disease and any chemical or antibiotic residue, to ensure food safety.
Links between stakeholders in the supply chains also need to be strengthened to raise product quality and ensure origin tracing, he noted, adding that effective models should be expanded and technical barriers countered.
Shrimp exports raked in 3.7 billion USD in 2020, a year-on-year increase of 11 percent. Vietnam has an advantage in exports compared to other suppliers given that the country has largely kept COVID-19 under control.
Export value to the US surged 33 percent last year, while the figures to the UK rose 20 percent, the EU 6.1 percent, and the Republic of Korea 3.3 percent./.
(seafood.vasep .com.vn) The return of Donald Trump to the White House for a second term will bring significant impacts on Vietnam, particularly its pangasius export sector. Trump's economic policies, such as raising import tariffs, reducing corporate income taxes, and attracting foreign direct investment (FDI) back to the US, are expected to directly influence various industries in Vietnam.
(seafood.vasep.com.vn) The UAE ranked 16th among importers of Vietnamese shrimp from 2018 to 2022, accounting for approximately 0.5% of Vietnam's total shrimp export value. Annually, Vietnam exported around US$20 million worth of shrimp to this market.
(seafood.vasep.com.vn) The company also announced that its farms are well-prepared and will begin stocking in mid-November when the weather conditions are favorable.
(seafood.vasep.com.vn) To maximize natural advantages and increase the value of local aquatic products, Ca Mau province is promoting the ecological shrimp farming model under mangrove forests. This model not only brings high profits to people thanks to businesses committing to purchasing products at prices 10-20% higher than the market price but also aims for sustainable development and environmental friendliness.
(seafood.vasep.com.vn) The Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the United Arab Emirates (UAE) was signed after just over a year of negotiations. With high demand for premium seafood in the UAE, particularly for shrimp and tuna products, Vietnam’s tuna industry is expected to gain increased export opportunities and higher product value thanks to the preferential terms of the CEPA.
(seafood.vasep.com.vn) In October 2024, seafood exports from Vietnam are estimated to exceed $1 billion, marking a 28% increase compared to the same period last year. This achievement signifies the first return to the $1 billion milestone in 27 months, since June 2022, providing a significant boost for Vietnamese seafood enterprises.
(seafood.vasep.com.vn) Under the theme "Dong Thap Pangasius: Green Journey - Green Value," the Dong Thap Pangasius Festival 2024 will take place over two days, November 16th and 17th, at Vo Nguyen Giap Square in Hong Ngu City.
(seafood.vasep.com.vn) The Department of Agriculture and Rural Development of Kien Giang has announced a plan to stabilize the biosafety rice-shrimp production area at 117,340 hectares by 2030.
(seafood.vasep.com.vn) According to the Department of Fisheries in Ca Mau, the total aquatic product output in the region is estimated at 536,140 tons as of October 17, achieving 82.23% of the annual plan and marking a 1.74% increase compared to the same period last year. Within this total, shrimp production stands at 208,495 tons, reaching 82.41% of the planned target and showing a 2.23% increase year-over-year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, pangasius exports to Iraq have surged significantly in the first nine months of 2024, marking the highest levels seen in three years. This upward trend has positioned Iraq as a key market for Vietnamese pangasius, even surpassing Iran, traditionally regarded as a gateway for trade between Vietnam and the Middle East.
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