In 2011, South Korea was the fourth largest importer of Vietnam seafood in export value, accounting for 7.8 percent of total Vietnam seafood export value after EU, the U.S. and Japan. Three main seafood items of Vietnam exported to South Korea were cephalopods, shrimp and other finfish in which cephalopods made up 35.5 percent of total export value, shrimp with 33 percent and other finfish with 29 percent.
Although Vietnam shrimp is not Korean people’s the most favourite seafood item, Vietnam shrimp exports to the market have reported a high and stable growth in recent years. Shrimp exports increased from US$81 million (in 2007) to US$157 million (in 2011). When whiteleg shrimp wasn’t officially allowed to farm in Vietnam, black tiger shrimp was the main shrimp species exported to South Korea. Since whiteleg shrimp has been produced comercially in Vietnam, the species exports to the market keep increasing.
In 2011, whiteleg shrimp exports to South Korea touched US$75.8 million, making up 48 percent of total shrimp export value to the market. Black tiger shrimp exports to the market remained its proportion of 38 – 39 percent. While many barriers in many major importing markets are exposing to Vietnam shrimp, many Vietnam shrimp exporters are planning to strengthen shrimp exports to South Korea. This is an attractive market of Vietnam shrimp due to stable consumption demand.
According to International Trade Centre (ITC), Vietnam is not ranked in top 10 largest shrimp suppliers for South Korea but importing shrimp from Vietnam into the country is in uptrend. In 2010, Vietnam raw shrimp imports into the market rose by 142 percent from that of 2009, leading an increase in Vietnam’s market share from 0.4 percent to 0.8 percent while market share of some major markets such as the U.S., Japan, Spain, France or Italy grew only from 10 – 18 percent per annum.
2012 marks the 20 year diplomatic relation between Vietnam and South Korea. Recently, in an official visit of Prime Minister Nguyen Tan Dung and Vietnamese senior delegation to South Korea, both two countries has agreed to complete soon US$20 billion target of bilateral trade turnover prior to 2015 and reach US$30 billion target.
Two countries approved to continue to coorperate for balance and expansion in bilateral trade ties. In order to boost economic cooperation for mutual benefits, two countries will kick off negotiations on bilateral Free Trade Agreement (FTA). Accordingly, South Korea will consider Vietnam’s suggestions and facilitate Vietnam goods exported to South Korea.
(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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