<div style="text-align: justify; line-height: 15pt; margin: 6pt 0cm 0pt"><span style="font-size: 10pt">Looking at annual changes of supply in the panel's statistics in recent years, supply has shown a constant decline. For the January-March period this year, supply is forecast to remain level from a year ago, staying below normal years. The panel pointed out that, according to producers' projections, production in the period still continues to decrease, especially in distant-water operation.</span></div> <div style="text-align: justify; line-height: 15pt; margin: 6pt 0cm 0pt"><span style="font-size: 10pt">The bearish trend in 2011 was blamed on decrease in catch quotas as well as lackluster catch, although the catch in the Pacific is showing slight upturn from late last year.</span></div> <div style="text-align: justify; line-height: 15pt; margin: 6pt 0cm 0pt"><span style="font-size: 10pt">On the other hand, catch in the near-shore area operation remain robust, with exports of tunas of 10kg and smaller, mainly albacore, to Southeast Asian countries, remaining firm.</span></div> <div style="text-align: justify; line-height: 15pt; margin: 6pt 0cm 0pt"><span style="font-size: 10pt">As for imports, supply of red meat continues to be sluggish, with cargo movements slowing down. The panel predicted the imports of tunas this year from the Mediterranean Sea will be 5,000-6,000 tons more than a year earlier, while Australian and Mexican tunas will stay more or less unchanged. Supply from domestic sources is foreseen to be slightly less than a year ago due largely to the decreasing number of juvenile fish.</span></div> <div style="text-align: justify; line-height: 15pt; margin: 6pt 0cm 0pt"><span style="font-size: 10pt">Prices tend to take a downturn course, despite shrinking production. Prices of large bigeye maintain the same levels last year, but those of yellowfin and small- and medium-size bigeye are witnessing slow move as supply of large bigeye and albacore from purse-seine fishing has been increasing.</span></div> <div style="text-align: justify; line-height: 15pt; margin: 6pt 0cm 0pt"><span style="font-size: 10pt">With respect to domestic demand, the brisk sales until late last year came to a standstill in early this year and the consumer demand for less expensive tunas has been rising. As a trend in sales patterns, the sashimi pack for serving to single persons has been on a rise. </span></div>
(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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