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./.
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.
(seafood.vasep.com.vn) The Report on Vietnam Pangasius Sector 2015–2024, produced and released by the Vietnam Association of Seafood Exporters and Producers (VASEP) in January 2025, is expected to provide enterprises, importers, and government agencies with a comprehensive overview of key developments in Vietnam's pangasius production and export over the past decade. In addition to highlighting achievements, the report identifies existing challenges and analyzes future opportunities and threats for the pangasius industry.
(vasep.com.vn) Overcoming two years of fluctuation in both export markets and domestic production, Vietnam's pangasius industry has demonstrated resilience, adaptability, and a strong determination to seize opportunities and boost exports to various markets. As a result, in 2024, pangasius exports reached USD 2 billion, a 9% increase compared to 2023. This achievement is a source of pride for Vietnam's aquaculture and agriculture sectors.
(seafood.vasep.com) Speaking at a conference to implement the 2025 plan of the Ministry of Agriculture and Rural Development, Prime Minister Pham Minh Chinh urged the agricultural sector to strive for a total export turnover of agricultural, forestry, and fishery products reaching $70 billion by 2025.
With robust production and processing infrastructure, combined with continuous market development efforts, Vietnam’s seafood exports are poised for 10–15% growth in 2025.
In 2025, seafood exports are expected to continue to grow better and could reach 11 billion USD as in 2022. However, this is also the year the seafood industry will face challenges, including increased competition from other countries, trade wars and market barriers...
(seafood.vasep.com.vn) On the afternoon of December 25, at Toan Thinh Conference Center (Soc Trang City), the Soc Trang Fisheries Sub-department, under the Department of Agriculture and Rural Development of Soc Trang, held a conference to review the 2024 aquaculture activities and outline the brackish water shrimp farming plan for 2025. The event was attended by Ms. Quach Thi Thanh Binh, Deputy Director of the Department of Agriculture and Rural Development of Soc Trang.
The Mekong Delta province of Soc Trang aims to achieve export value of over 1.9 billion USD in 2025 by boosting production and processing of key products such as seafood, high-quality rice, fruits, and garments.
The UK-Vietnam Free Trade Agreement has significantly boosted Vietnamese seafood exports, with shrimp and pangasius leading the charge in the UK market.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
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